Asian stocks climb for third day on Yen
Tuesday, 19 June 2007
TOKYO, June 18 (Bloomberg): Asian stocks rose for a third day, driving benchmarks in China, Hong Kong and South Korea to records, as prices of metals and crude oil advanced and the yen weakened against the dollar.
Rio Tinto Group climbed, becoming the first A$100 share on the Australian stock exchange. Toyota Motor Corp. gained on expectations a weaker yen will boost dollar-denominated sales. China's CSI 300 index surged 3.1 per cent, having taken less than two weeks to rebound from a rout that erased more than $400 billion of market value.
``The commodities boom is a key theme for investors, based largely on the view that demand from China is going to continue to hold up,'' said Atul Lele, who helps manage about $380 million at White Funds Management in Sydney. ``Rio is playing a big role, given its size and the diversified nature of its businesses.''
The Morgan Stanley Capital International Asia-Pacific Index added 1.3 per cent to 153.48 as of 7:08 p.m. in Tokyo, extending a two-day 1.4 per cent rally. Measures in Singapore, Indonesia, the Philippines and Pakistan also set new highs.
Rio Tinto Group climbed, becoming the first A$100 share on the Australian stock exchange. Toyota Motor Corp. gained on expectations a weaker yen will boost dollar-denominated sales. China's CSI 300 index surged 3.1 per cent, having taken less than two weeks to rebound from a rout that erased more than $400 billion of market value.
``The commodities boom is a key theme for investors, based largely on the view that demand from China is going to continue to hold up,'' said Atul Lele, who helps manage about $380 million at White Funds Management in Sydney. ``Rio is playing a big role, given its size and the diversified nature of its businesses.''
The Morgan Stanley Capital International Asia-Pacific Index added 1.3 per cent to 153.48 as of 7:08 p.m. in Tokyo, extending a two-day 1.4 per cent rally. Measures in Singapore, Indonesia, the Philippines and Pakistan also set new highs.