Asian Stocks Rise for First Time in Six Days; Banks Lead Gains

By Chua Kong Ho and Shani Raja

June 26 (Bloomberg) -- Asian stocks rose for the first time in six days, led by financial stocks, after the Federal Reserve said risks to U.S. growth have diminished.

Commonwealth Bank of Australia, the country's second-biggest by assets, climbed the most in more than six weeks after saying it has no need to raise additional capital. St. George Bank Ltd., the fifth-largest, had its sharpest gain in a month after reiterating its goal for earnings per share. Sony Corp., which counts the U.S. as its biggest market, advanced in Tokyo after the Fed said the economy is still expanding.

Australia's biggest banks are ``in very solid shape,'' said Martin Lakos, division director at Macquarie Private Wealth in Sydney. ``From a balance sheet perspective they're still very profitable.''

The MSCI Asia Pacific Index gained 0.6 percent to 139.05 as of 10:48 a.m. in Tokyo. All 10 industry groups on the benchmark gained, led by a measure of financial shares. The index has fallen 12 percent this year.

Japan's Nikkei 225 Stock Average added 0.2 percent to 13,861.25, while Australia's S&P/ASX 200 Index gained 1.6 percent. All Asian benchmark indexes rose today apart from Malaysia, which was little changed.

U.S. stocks rose yesterday, sending the Standard & Poor's 500 Index to its best gain in two weeks, after the Federal Reserve gave no indication it will raise interest rates anytime soon.

Qantas Airways Ltd. and Korean Air Lines Co. advanced after oil fell more than $2 a barrel in New York. Mitsui O.S.K. Lines Ltd. led shipping companies higher after a measure of commodity shipping costs climbed the most in five weeks.

Centro Properties Group, the Australian-based mall owner that won a debt extension last month, surged after the Sydney Morning Herald said it will sell assets to pay off debt.

To contact the reporter for this story: Chua Kong Ho at kchua6@bloomberg.net; Shani Raja in Sydney at sraja4@bloomberg.net.