Asian Markets Touch Eighteen Month Highs

“Asia’s benchmark stock index rose to the highest level in 18 months as U.S. payrolls expanded and China services industries grew at the fastest pace since August, adding to optimism in the global economic recovery.

Rio Tinto Group (RIO), the world’s second-largest mining company, advanced 1.2 percent in Sydney, leading gains among companies with earnings closely tied to economic growth. Sony Corp. (6758), trying to reverse a two-year decline in PlayStation sales, surged 7.5 percent in Tokyo amid speculation the firm is prepping a new version of the home console. Panasonic Corp. (6752), Japan’s second-largest TV maker, soared 17 percent after reporting an unexpected third-quarter profit.

The MSCI Asia Pacific Index (MXAP) added 0.5 percent to 133.4 as of 7:24 p.m. in Tokyo, with five stocks advancing for every four that fell. Japan’s Nikkei 225 Stock Average rose 0.6 percent after capping a 12-week winning streak on Feb. 1., the longest run of weekly gain since 1959, according to Nikkei Inc.

“Economic news was universally good,” said Matthew Sherwood, head of investment markets research at Perpetual Investment, which manages about $25 billion in Sydney. “Corporate leaders are becoming more confident about the growth outlook. Investors are starting to feel the same way, even though questions remain about the strength of corporate earnings growth.”

Sale Cleared

Hong Kong’s Hang Seng Index (HSI) fell 0.2 percent with volume about 76 percent higher than normal for the time of day as HSBC Holdings Plc’s $7.4 billion sale of its stake in Ping An (2318)Insurance (Group) Co. to Thai billionaire Dhanin Chearavanont was cleared by regulators. Shanghai Composite Index rose 0.4 percent and Singapore’s Straits Times Index rose 0.2 percent. Taiwan’s Taiex Index gained 0.9 percent.

Australia’s S&P/ASX 200 Index slid 0.3 percent with trading volume 9.1 percent below average, according to data compiled by Bloomberg. South Korea’s Kospi Index lost 0.1 percent with 26 percent fewer shares changing, the data show. Standard & Poor’s 500 Index futures were little changed….”

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