Samsung Electronics Co., Asia’s largest consumer electronics maker, climbed 1.6 percent in Seoul. Hon Hai Precision Industry Co. (2317), a supplier to Apple Inc., advanced 1.9 percent in Taipei after the maker of iPhones and iPads reported profit almost doubled in the three months ended March, beating analysts’ estimates. Yoshinoya Holdings Co., which makes rice bowls with seasoned beef, dropped 3.4 percent in Tokyo after the U.S. found a case of mad-cow disease.
“A recovery trend on earnings is being seen both in Japan and the U.S. at the moment, boosting markets,” said Hiroichi Nishi, an equities manager in Tokyo at SMBC Nikko Securities Inc. “The U.S. economy is still in mild recovery.”
The MSCI Asia Pacific Index gained 0.4 percent to 123.73 as of 10:24 a.m. in Tokyo, with about three shares rising for each that fell. The gauge has fallen 1.4 percent in the past four days as political uncertainties in Europe deepened concern governments in the region will struggle to contain the sovereign-debt crisis and amid signs China’s economy is slowing.
Japan’s Nikkei 225 Stock Average (NKY) increased 0.9 percent, while Taiwan’s Taiex Index added 0.8 percent. Hong Kong’s Hang Seng Index rose 0.4 percent. Markets in Australia and New Zealand are closed for holidays.
Consumer Confidence
South Korea’s Kospi Index gained 0.4 percent. A report showed South Korean consumer confidence rose to the highest level in almost a year as improving signs for the U.S. economy overshadowed worries over North Korea after it launched a long- range rocket on April 13, that failed on lift-off.
Futures on the Standard & Poor’s 500 Index added 0.3 percent today. The index gained 0.4 percent in New York yesterday amid better-than-estimated earnings at companies from AT&T Inc. to 3M Co. Apple earnings were released after the market closed.
Asian exporters advanced after data indicated the U.S. housing market is stabilizing, with home prices in 20 cities dropping at a slower pace in the 12 months ended February and new home sales were stronger than expected in March.
The MSCI Asia Pacific Index (MXAP) gained 8.3 percent this year through yesterday, compared with a 9.1 percent advance by the S&P 500 and a 4 percent increase by the Stoxx Europe 600 Index. Stocks in the Asian benchmark were valued at 12.6 times estimated earnings on average, compared with a multiple of 13.1 for the S&P 500 and 10.6 times for the Stoxx 600.
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