Asian Technology Stocks Gain, Led by Hynix; Westpac Bank Falls

By Chua Kong Ho

Dec. 10 (Bloomberg) -- Asian technology stocks rose as Hynix Semiconductor Inc. won financial support from creditors, countering declines among financial shares.

Hynix, the world’s second-largest computer memory chipmaker, surged 8.9 percent after creditors said they are considering providing 800 billion won ($556 million). Westpac Banking Corp. slumped 7.9 percent in Sydney, leading declines among financial companies, after selling stock at a discount. Sony Corp. lost 2.8 percent after saying it will cut 16,000 jobs due to a bigger-than-expected deterioration of the economy.

The MSCI Asia Pacific Index added 0.4 percent to 83.95 as of 10:14 a.m. in Tokyo, taking a four-day advance to 5.7 percent. Seven of 10 industry groups advanced. The measure has slumped 47 percent this year, taking its valuation to 12.1 times estimated profit, about a third lower than at the start of 2008.

Japan’s Nikkei 225 Stock Average added 0.3 percent to 8,417.80. South Korea’s Kospi Index advanced 1.2 percent. Australia’s S&P/ASX 200 Index gained 0.6 percent in Sydney as confidence among Australian consumers rose for a second month.

In New York, the Standard & Poor’s 500 Index fell 2.3 percent yesterday as companies from FedEx Corp. to Danaher Corp. forecast earnings that disappointed investors.

Slower Growth

MSCI’s Asian index is set for the worst annual performance in its two-decade history. Stocks have fallen as the credit crisis sent the U.S., Europe and Japan into the first simultaneous recession since World War II, eroding demand for Asian exports.

Global gross domestic product will likely increase by 0.9 percent in 2009, the weakest rate since records became available in 1970, the World Bank said. Meanwhile, international trade will shrink in for the first time in more than 25 years according to the institution.

Japanese machinery orders fell 4.4 percent in October from September, Japan’s Cabinet Office said today in Tokyo. Economists surveyed by Bloomberg News predicted a 3.9 percent decrease.

In Australia, consumer sentiment index jumped 7.5 percent to 92 points, according to a Westpac Banking Corp. and Melbourne Institute survey released today in Sydney. The index has since February held below 100, which indicates pessimists outnumber optimists.

To contact the reporter for this story: Chua Kong Ho in Shanghai at kchua6@bloomberg.net