With half of the Standard & Poor's 500 companies having reported, first-quarter profits for companies in the benchmark rose 23 percent, up from a forecast of 13 percent when the period began, according to a Thomson analyst survey.
Mitsubishi Motors Corp, Japan's fourth-biggest carmaker, led declines in Mitsubishi group companies, plunging 25 percent to ¥241. DaimlerChrysler AG said it won't provide any more funds to its affiliate, a week before Japan's only unprofitable carmaker planned to outline a US$6.4 billion revival package.
Hyundai Motor, China South Korea's Hyundai Motor Co dropped on concern that DaimlerChrysler may sell its 11 percent stake, said fund managers such as Park In-hee, who helps manage the equivalent of US$604 million at KB Investment Trust Management Co. South Korea's largest automaker slid 3.3 percent to 49,600 won.
China's Shanghai Composite Index, which tracks yuan-denominated A shares and foreign-currency B shares, dropped 1.3 percent, and the Shenzhen Composite Index lost 1.7 percent.
China Eastern Airlines Corp, the nation's third-largest airline, lost 4.7 percent to 5.09 yuan. The Shanghai-based carrier reported a record first-half loss last year after the number of passengers dropped because of the severe acute respiratory syndrome and higher fuel costs.
Beijing Capital Tourism Co, which operates hotels and restaurants in the capital, plunged 9.9 percent to 9.46 yuan.
Hong Kong, Australia Hong Kong's Hang Seng climbed 1.8 percent, its biggest jump since Feb. 9, to 12,383.94. The benchmark had fallen 6.6 percent in the past seven days after US and Chinese economic reports raised concern borrowing costs would climb.
Cheung Kong (Holdings) Ltd, a developer controlled by billionaire Li Ka-shing, climbed 2.5 percent to HK$62.25. Higher US earnings forecasts raised optimism profits will grow enough to offset any increase in interest rates.
"Results in the US and Hong Kong, to be perfectly honest, have been good and economic numbers have shown movement in the right direction," said Andrew Clarke, head of sales trading at Kim Eng Securities Ltd. in Hong Kong.
Westfield Holdings Jump In Australia, Westfield Holdings Ltd and its property trusts surged as investors said their plan to merge, creating the world's biggest owner of shopping malls, will make it easier to raise capital to fund acquisitions.
Westfield Trust advanced 15 percent to A$4.08. Westfield America Trust jumped 12 percent to A$2.20 and Westfield Holdings added 3.4 percent to A$14.44.
The Philippine Stock Exchange Composite Index rose 2.7 percent to 1,589.40, a three-year high. The benchmark was also the region's best performer. Philippine Long Distance Telephone Co, the nation's largest phone company by customers, rose 7 percent to 1,150 pesos.
President Gloria Arroyo may win next month's elections, beating rival Fernando Poe Jr, a movie actor, according to an April 10 to April 17 survey.
RSS