Asian stocks, US futures rise on optimism

Asian stocks, US futures rise on optimism
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First Published: Mon, Mar 23 2009. 10 13 PM IST
Updated: Mon, Mar 23 2009. 10 13 PM IST
Tokyo: Asian stocks gained on Monday, pushing India’s key share index, the Sensex, up the most in three months, and US futures rose on optimism governments will revive lending and ease the worst slump since the Great Depression.
Mitsubishi UFJ Financial Group Inc. surged 4.7% in Tokyo, pacing gains among financial companies, before a US Treasury announcement on Monday of plans to rid banks of toxic assets. Uny Co. Ltd, a Japanese department store operator, jumped 5.3% after finance minister Kaoru Yosano said the economy may need 20 trillion yen (Rs10.8 trillion) in new stimulus.
SAIC Motor Corp. Ltd, China’s biggest domestic car maker, advanced 5.4% in Shanghai as the government moved to encourage mergers.
“We are building a base for the next bull market,” Mark Mobius, who helps oversee about $20 billion (about Rs1 trillion) of emerging market assets at Templeton Asset Management Ltd, said in Hong Kong on Monday. “You have to be careful not to miss the opportunity.”
The MSCI Asia Pacific Index advanced 3.9% to 82.63 in Tokyo, the biggest jump since 15 December. The measure extended last week’s 6.4% increase, which was the most since November. The gauge has surged 17% from a five-year low reached on 9 March amid speculation the worst of the financial crisis is over.
Japan’s Nikkei 225 stock average jumped 3.4% to 8,215.53, following a 20 March holiday. Australia’s S&P/ASX 200 Index and South Korea’s Kospi Index both rose 2.4%. All markets gained, except Vietnam and New Zealand.
Denway Motors Ltd soared 21% as Mobius said the company had a good position in China. BHP Billiton Ltd, the world’s miner, climbed 3.5% in Sydney on higher oil and copper prices. Futures on the US Standard and Poor’s 500 index surged 3%.
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First Published: Mon, Mar 23 2009. 10 13 PM IST