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Asian Stocks Rise on Earnings Outlook, Led by Hank
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maxsyn
Veteran |
21-Nov-2006 16:28
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Nov. 21 (Bloomberg) -- Asian stocks recovered from the biggest drop in 10 weeks as investors judged a four-day slide excessive given the outlook for earnings. Hankyu Hanshin Holdings Inc. rose after profit more than doubled. ``There's not much downside risk left in this market,'' said Hiromichi Tsuyukubo, who helps manage about $800 million at Myojo Asset Management Japan Co. in Tokyo. ``Companies should have about 12 percent profit growth, while the market is assuming about a 10 percent rate.'' The Morgan Stanley Capital International Asia-Pacific Index rose 0.3 percent to 129.84 at 4:36 p.m. in Tokyo, its first gain in a week. The index fell 2.4 percent in the past four days, dropping 1.9 percent yesterday, the most since Sept. 11. High Tech Computer Corp. led technology stocks higher after Credit Suisse Group upgraded Microsoft Corp., boosting expectations for industry earnings. All markets open for trading advanced except in the Philippines, Indonesia and Thailand. The Nikkei 225 Stock Average gained 0.1 percent to 15,734.14, while the Topix lost 0.1 percent. Mizuho Financial Group Inc., Japan's second-largest bank by assets, declined after reporting a drop in profits. South Korea's SK Corp. slid after it said October sales fell because of reduced revenue from oil products. Hankyu Hanshin, a Japanese passenger rail company, climbed 3.6 percent to 662 yen. The company's first-half net profit surged 145 percent to 21.9 billion yen ($186 million). Hankyu Hanshin raised its full-year net income forecast by 22 percent. |
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