Asian stocks higher on positive results

Nikkei:8,953.90 (+102.55) Hang Seng:20,204.17 (+339.06) Shanghai Comp:2,566.59 (–9.82)

ASIAN STOCKS rose for a fourth day yesterday after US consumer spending and car sales increased and as companies across the region reported higher profit.

Honda, a Japanese car maker that counts the US as its biggest market, gained 1 per cent to ¥2,438 in Tokyo.

Aozora Bank surged 8.2 per cent to ¥211 as Australia and New Zealand Banking Group was said to be considering buying the Japanese lender.

Samsung Electronics, South Korea’s biggest exporter of consumer electronics products, gained 1.2 per cent to 742,000 won in Seoul.

Li Fung, a supplier of toys and clothes to US retailers including Wal-Mart, rose 2 per cent to HK$13.56 in Hong Kong.

Sony, Japan’s biggest maker of televisions by sales, climbed 3.5 per cent to ¥1,695. The company will form a joint venture with Toshiba and Hitachi that will become the world’s biggest manufacturer of liquid-crystal displays.

Toshiba gained 2.1 per cent to ¥339. Meanwhile, Hitachi rose 1.2 per cent to ¥411.

China Eastern Airlines climbed 2.2 per cent to HK$3.80 in Hong Kong. – (Bloomberg)