Asian stocks climbed, after falling the most in seven weeks yesterday, and South Korea’s won rose as a new Greek premier eased concern Europe’s debt crisis will worsen. Computer shares rose as SK Telecom Co. offered to buy 20 percent of Hynix Semiconductor Inc.
The MSCI Asia Pacific Index increased 0.3 percent as of 10:52 a.m. in Tokyo. A gauge of technology shares rose 0.6 percent and the Kospi Index of South Korean equities jumped 1.4 percent. Standard & Poor’s 500 Index futures were little changed. The won strengthened 0.4 percent to 1,129.20 per dollar. The cost of protecting Asia-Pacific corporate and sovereign bonds from default decreased, with the Markit iTraxx Asia index falling six basis points.
“The news headlines have been all about Europe, and behind the scenes, the U.S. economy has significantly improved,” said Stan Shamu, a strategist at IG Markets in Melbourne. “Some companies with established earnings will get a bit of traction from investors who are looking into gaining a bit of value.”
U.S. initial jobless claims fell to the lowest level in seven months, Italy sold 5 billion euros ($6.8 billion) of one- year bills and former vice president of the European Central Bank Lucas Papademos was named Greece’s interim leader. Economic data later today may show U.S. consumer confidence climbed for a third month, according to economists’ forecasts compiled by Bloomberg.
Hynix Rallies
Hynix advanced 2.8 percent in Seoul after SK Telecom, South Korea’s No. 1 mobile-phone company, offered to buy 20 percent of the world’s second-largest memory-chip maker. Sony Corp., Japan’s biggest exporter of consumer electronics, rose 1.4 percent.
Japan’s Nikkei 225 (NKY) Stock Average was little changed, erasing gains of as much as 0.8 percent. Australia’s S&P/ASX 200 rose 0.1 percent. South Korea’s Kospi Index increased 1.2 percent and Hong Kong’s Hang Seng Index advanced 0.7 percent.
The MSCI Asia Pacific Index declined 16 percent this year through yesterday, compared with a 1.4 percent drop by the S&P 500 and a 15 percent loss by the Stoxx Europe 600 Index. Stocks in the Asian benchmark were valued at 12.6 times estimated earnings on average, compared with 12.5 times for the S&P 500 and 10.2 times for the Stoxx 600.
“These markets are balanced on a knife edge,” Simon Flood, chief investment officer at Lion Global Investors Ltd., told Rishaad Salamat on Bloomberg Television’s “On the Move Asia.” The firm oversees about $22 billion. “Until we get some clarity and some political leadership both in Europe and the U.S., the markets are going to continue to be volatile.”
Europe Progress
The won held gains after the Bank of Korea kept its seven- day repurchase rate at 3.25 percent, a decision predicted by all 17 economists surveyed by Bloomberg News. The ECB bought Italiangovernment bonds yesterday, according to three people familiar with the transactions. Jobless claims in the U.S. fell by 10,000 to 390,000 in the week ended Nov. 5, to the lowest level in seven months, government figures showed yesterday.
“The central bank decision didn’t have much impact on the market as the players expected the rate would remain at the current level,” said Yun Se Min, a Seoul-based currency dealer at Busan Bank. “The won advanced as concerns over Europe’s debt eased.”
Rubber in Tokyo jumped as much as 2.8 percent to 259.7 yen a kilogram ($3,346 a metric ton), gaining for the first time this week, tracking overnight gains in crude oil that boosted its appeal against synthetic rivals and a rally in equity markets. Futures are still set for a more than 12 percent drop this week, the most since March.
(source: Bloomberg)
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11/11/2011 10:23:07 AM | 