Asian stocks rise on US retail sales
Tuesday, 27 November 2007
SINGAPORE, Nov 26 (Bloomberg): Asia's benchmark stock index rose the most in nine weeks after US retail sales climbed during the post-Thanksgiving weekend, boosting the prospects for exports to the region's biggest overseas market.
Nintendo Co., maker of the Wii game console, and LG Electronics Inc., Asia's second-largest maker of mobile phones, advanced after ShopperTrak RCT Corp. reported that US retail sales on Nov. 23 climbed 8.3 per cent from a year earlier. Westfield Group, the owner of 59 shopping malls in the US, rose to a three-week high.
The MSCI Asia Pacific Index added 2.7 per cent to 158.51 at 5:52 p.m. in Tokyo, set for its biggest advance since Sept. 19. More than six stocks gained for each that slid. South Korea's Kospi climbed 82.45, or 4.7 per cent, its second-biggest gain on record behind an increase of 93.20 on Aug. 20.
Nintendo Co., maker of the Wii game console, and LG Electronics Inc., Asia's second-largest maker of mobile phones, advanced after ShopperTrak RCT Corp. reported that US retail sales on Nov. 23 climbed 8.3 per cent from a year earlier. Westfield Group, the owner of 59 shopping malls in the US, rose to a three-week high.
The MSCI Asia Pacific Index added 2.7 per cent to 158.51 at 5:52 p.m. in Tokyo, set for its biggest advance since Sept. 19. More than six stocks gained for each that slid. South Korea's Kospi climbed 82.45, or 4.7 per cent, its second-biggest gain on record behind an increase of 93.20 on Aug. 20.