Sun, Dec 29, 2013 - Page 15 News List

Asian stocks rise on US data as Japan shares jump

Agencies

The Nikkei 225 Stock Average rose 1.9 percent.

Toyota Motor rose 3.6 percent to ¥6,390 as Goldman Sachs Group Inc said the carmaker may raise its operating-profit forecast if it takes the weaker yen into account. Mazda Motor Corp, a carmaker that gets 30 percent of sales in North America, jumped 6.7 percent to ¥542.

The S&P 500 extended record highs after US data released last week after the close of Asian markets showed GDP climbed at a 4.1 percent annualized rate, the strongest since the final three months of 2011 and up from a previous estimate of 3.6 percent.

Hong Kong’s Hang Seng Index and the Hang Seng China Enterprises Index, also known as the H-share index, both climbed 1.9 percent, while the Shanghai Composite Index added 0.8 percent.

Shares gained after China’s central bank on Tuesday eased a year-end cash crunch by executing reverse-repurchase agreements for the first time in three weeks, sending the nation’s benchmark money-market rate to its steepest weekly decline since February 2011.

South Korea’s KOSPI rose 1 percent. Hyundai Merchant jumped 12 percent to 11,300 won in Seoul this week. Hyundai Group, with businesses from shipping to stock broking, will sell assets including three financial units as part of restructuring plans, it said in an e-mail on Sunday last week.

The sale would help the group raise cash, easing shareholders’ concerns, according to Kim Min Ji, an analyst at E*Trade Securities Co.

In other markets on Friday:

Manila gained 0.20 percent, or 11.51 points, from Thursday to 5,889.83.

Wellington ended the day flat, slipping 0.58 points to 4,767.36.

Mumbai rose 0.56 percent, or 118.99 points, from Thursday to 21,193.58 points.

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