Optimism sends index towards two-year high

Nikkei:8.605.62 (+83.60) Hang Seng:17,707.-1 (+534.73) Values at yesterday's close

ASIAN STOCKS rose, sending a regional benchmark index toward its biggest two-day gain in two years, as optimism that European officials will protect banks from the region’s debt crisis boosted the earnings outlook for lenders and exporters.

National Australia Bank, the nation’s largest lender to businesses, gained 3.9 per cent in Sydney. Hutchison Whampoa, which owns ports in Germany and Spain, surged 10 per cent in Hong Kong after saying its operations in Europe are “very resilient”.

BHP Billiton, the world’s largest mining company, jumped 2.5 per cent in Sydney after commodity prices increased.

National Australia Bank rose 3.9 per cent to A$23.76 in Sydney and Mitsubishi UFJ Financial, Japan’s biggest listed bank by market value, climbed 0.6 per cent to 328 yen in Tokyo.

Toyota added 0.4 per cent to 2,549 yen and Samsung advanced 0.6 per cent to 860,000 won. Hutchison Whampoa gained to 10 per cent to HK$62.95 in Hong Kong.

Li and Fung, the world’s biggest supplier of clothes and toys to retailers, surged 6 per cent to HK$12.80. – (Bloomberg)