Asian Stocks Rise Third Day as Investors Await China Data

Asian Stocks Rise Third Day as Investors Await China Data
By Jonathan Burgos & Adam Haigh - Apr 23, 2013 9:29 AM GMT+0800

Asian stocks rose for a third day, led by energy companies, as investors await a Chinese manufacturing report. Japanese shares swung between gains and losses.
Woodside Petroleum Ltd. (WPL), Australia’s second-largest oil producer, jumped 8.2 percent in Sydney after announcing plans to return cash to shareholders. NEC Corp., Japan’s biggest maker of wireless base stations, added 6.1 percent after the Nikkei newspaper reported Marubeni Corp. is offering to buy 51 percent of unit NEC Mobiling Ltd. Yamada Denki Co. sank 4.7 percent in Tokyo after the consumer electronics retailer cut its full-year profit forecast.
The MSCI Asia Pacific Index rose 0.2 percent to 137.69 as of 10:25 a.m. in Tokyo, headed for the highest close since April 12. The measure increased 6.2 percent this year through yesterday amid signs the U.S. economy is recovering and as Japanese equities rallied on speculation the BOJ will step up efforts to stimulate its economy. The Nikkei 225 (NKY) Stock Average is heading for its ninth month of advance, the longest winning streak since January 2006.
“After a nine-month surge, markets are trending sideways now,” said Matthew Sherwood, Sydney-based head of markets research at Perpetual Investments, which manages about $25 billion. “The thrust from central bank liquidity is beginning to wane and the anemic growth environment is starting to reassert its influence.”

Regional Gauges
Australia’s S&P/ASX 200 Index climbed 1.3 percent and New Zealand’s NZX 50 Index added 0.5 percent. South Korea’s Kospi Index slipped 0.4 percent. Japan’s Nikkei 225 was little changed, having swung between gains 0.1 percent and losses of 0.3 percent. Markets in China and Hong Kong have yet to open.
A report by HSBC Holdings Plc and Markit Economics today may show China’s manufacturing continued to expand this month, according to analysts surveyed by Bloomberg.
Shares on the benchmark MSCI Asia Pacific Index (MXAP) traded at 14 times estimated earnings compared with 14.1 for the Standard & Poor’s 500 Index and 12.4 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.
Futures on the Standard & Poor’s 500 Index slid 0.1 percent today. The gauge climbed 0.5 percent yesterday as Caterpillar Inc. jumped and a rally in commodity prices spurred energy and raw-material producers.
To contact the reporters on this story: Jonathan Burgos in Singapore at [You must be registered and logged in to see this link.]; Adam Haigh in Sydney at [You must be registered and logged in to see this link.]
To contact the editor responsible for this story: Nick Gentle at [You must be registered and logged in to see this link.]