“Asian stocks rose, led by markets in Hong Kong and Shanghai, as speculation mounted that China will limit interest-rate rises. Japanese shares sank amid disappointing earnings following the nation’s worst earthquake.
Industrial & Commercial Bank of China Ltd. led gains among lenders in Shanghai. Sino Land Co., a Hong Kong developer controlled by billionaire Robert Ng, rose 2 percent in Hong Kong after the government sold residential sites for more than analysts expected. Japan Steel Works Ltd. slid 4.9 percent after forecasting a drop in profit. Sumitomo Mitsui Financial Group Inc., Japan’s second-biggest bank by market value, fell 3.8 percent as the country’s chief cabinet secretary said lenders may have to waive some loans to Tokyo Electric Power Co.
The MSCI Asia Pacific Index rose 0.2 percent to 136.57 as of 6:29 p.m. in Tokyo, even as the index moved toward its second straight weekly drop. About the same number of stocks advanced as fell on the gauge, which yesterday dropped the most since markets slumped in the wake of Japan’s March 11 earthquake, as China announced it will raise banks’ reserve requirements.”
Nikkei down after TEPCO loans sour bank stocks
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