13 Apr 2009
Jakarta, Financeroll.com - Asian stocks climbed for a third day after Japanese Prime Minister Taro Aso announced more than doubled stimulus spending and Chinese lending rose by a record.
Fuji Heavy Industries Ltd. rose 2.7 percent as Japan said it will subsidize new car purchases. Hyundai Motor Co. jumped 4.5 percent. Audio-visual equipment maker Pioneer Corp., which has tripled in the last month, soared 12 percent. New loans in China rose to a record 1.89 trillion yuan in March, helping the M2 measure of money supply gain 25.5 percent.
The MSCI Asia Pacific Index climbed 0.3 percent to 88.22. Nikkei 225 gain 0.4 percent to 8,996.05, while South Korea’s Kospi index added 0.9 percent. Markets were closed in New York on April 10 for the Good Friday holiday. Hong Kong, Australia and New Zealand will be closed today.
Toyota Motor Corp. added 0.5 percent to 2,830 yen even after a Nikkei newspaper report yesterday it may report a second-straight operating loss in the year ending March 31, 2010. Toyota’s operating loss likely expanded to about 500 billion yen in the fiscal year just ended, from a forecast 450 billion yen.
Nippon Sheet Glass Co. added 1.7 percent to 297 yen after the Sunday Telegraph said the company may cut more jobs at U.K. glassmaker Pilkington amid declining demand from clients in the automotive and construction industries.
