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Asia gets boost from oil and US home report
POSTED: 10:24 a.m. EDT, April 5,2007

ASIAN stocks jumped to a five-week high as lower oil prices and rising US home sales boosted confidence demand in the region's biggest export market will climb.

Samsung Electronics Co advanced the most since August and Toyota Motor Corp had its biggest jump in a month. Japan's largest carmaker captured 15.7 percent of the US auto market in March, Bloomberg News said.

"Asia still depends on the US to buy its goods," said Nicole Sze, a Singapore-based investment analyst at Bank Julius Baer & Co, which manages about US$360 billion in assets worldwide. "Any positive news indicating its economy will continue to grow will boost sentiment for Asian stocks."

Coles Group Ltd jumped on speculation Kohlberg, Kravis, Roberts & Co will top Wesfarmers Ltd's takeover offer for the supermarket chain. Indexes in Australia, South Korea, China's mainland, Singapore and Indonesia climbed to records. Markets in Hong Kong, Taiwan and the Philippines will be closed today.

The Morgan Stanley Capital International Asia-Pacific Index gained 1.5 percent to 146.70 as of 6:42pm in Tokyo. The measure is set to close at its highest since February 27, which marked the start of a five-day sell-off that erased US$3.3 trillion from global stock markets.

Japan's Nikkei 225 Stock Average climbed 1.7 percent, the most since March 8 and the biggest rise in the region. All other benchmarks in Asia advanced, except in Pakistan and Sri Lanka.

Samsung Electronics, South Korea's biggest exporter, advanced 3.7 percent to 595,000 won, the most since August 17. Toyota, the No. 2 seller of automobiles in the US, gained 1.6 percent to 7,540 yen, the biggest gain since March 6.

Coles, Australia's second-biggest retailer, jumped 4.7 percent to A$16.86.

Cheung Kong (Holdings) Ltd climbed in Hong Kong after Li Ka-shing, the company's billionaire chairman, raised his stake.

From:shanghaidaily
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