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Most Asian stocks gain on Chinese data

by Himanshu Singh on Jan 28, 2013 at 03:51

Most Asian stocks gain on Chinese data

Most Asian stocks gain on Monday in morning trade after data showed Chinese industrial profits increased for a fourth month.

The MSCI Asia Pacific Index lost 0.1% to 132 as of 10:44 a.m. in Tokyo. Japan’s Nikkei 225 Stock Average slid 0.5% after rising as much as 0.7%.

South Korea’s Kospi Index retreated 0.4% today even after consumer confidence climbed to the highest level in eight months as incoming President Park Geun Hye pledges to boost economic growth and increase welfare spending.

Taiwan’s Taiex Index rose 0.3%. Singapore’s Straits Times Index gained 0.2%, Hong Kong’s Hang Seng Index rose 0.4% and China’s Shanghai Composite Index advanced 0.5%.

Sony Corp. jumped 5.9% after Citigroup raised its rating to "buy" from "neutral", saying the softer yen has enabled Sony to take more risks on operations such as the home appliance business.

Industrial robots maker Fanuc fell 4.9% after slashing its operating forecast for the year ending March by almost 20% to $2 billion after the bell on Friday.

Advantest shed 5% after the Nikkei business daily said the chipmaker's operating profit for the year ending March was expected to undershoot expectations.

China stocks traded higher, boosted by aviation-related stocks on expectations for further investment in the sector.

Nintendo climbed 4.8% after Hana Financial Group Inc. announced a buyout plan for the Seoul-based lender.

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