Asian stocks rise in US trading; Sony shares jump on forecast

Asian stocks rise in US trading; Sony shares jump on forecast
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First Published: Thu, May 17 2007. 07 18 AM IST
Updated: Thu, May 17 2007. 07 18 AM IST
By Lu Wang, Bloomberg
New York : Asian stocks rose in US trading after Sony Corp. forecast a surge in profit this year.
The Bank of New York Co.’s Asia ADR Index, tracking the region’s American depositary receipts, advanced for the first day in three, climbing 0.8% to 163.03.
Sony jumped $3.15, or 6%, to $55.85, the best gain since June 2006. The world’s second-largest maker of consumer electronics said its profit this year will more than double to a record 320 billion yen ($2.7 billion) on sales of Bravia televisions and narrower losses at the PlayStation game unit.
Bigger rival Matsushita Electric Industrial Co. added 15 cents to $20.18.
Financial shares in India and South Korea also gained. ICICI Bank Ltd., India’s largest lender, rallied $3.13 to $47.66 while smaller rival HDFC Bank Ltd. rose $3.51 to $76.20.
Kookmin Bank, the No. 1 in South Korea, increased $2.20 to $93.35. Shinhan Financial Group Ltd., the second largest, added $3 to $121.25.
Nikkei 225 Stock Average futures expiring in June were at 17,685 in Chicago, 17,565 in Singapore and 17,560 in Osaka.
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First Published: Thu, May 17 2007. 07 18 AM IST
More Topics: Money Matters | Equities |