Asian Stocks Gain on Automakers’ U.S. Market Share, Chip Prices

By Jonathan Burgos

Feb. 4 (Bloomberg) -- Asian stocks rose for a second day as the region’s automakers strengthened their market share in the U.S. and memory-chip prices advanced.

Hyundai Motor Co. and Kia Motors Corp. jumped more than 6 percent as Asia’s carmakers boosted their slice of the U.S. market to a record 49.5 percent. Samsung Electronics Co., the world’s largest computer-memory maker, gained 3.5 percent in Seoul after chip prices rose to the highest in more than three months. Mitsui O.S.K. Lines Ltd. paced gains among shipping lines as transport rates climbed for an 11th day.

“Asia certainly is in a good position to recover before the rest of the developed economies,” said Steven Lim, who manages $300 million at Daiwa SB Investments in Singapore. “At this point, we are seeing a range-bound market, which is reacting to positive news flow. If we are again hit by negative news there could be more downside.”

The MSCI Asia Pacific Index rose 0.8 percent to 82.60 as of 10:47 a.m. in Tokyo, with five stocks advancing for every two that fell. The gauge is down 8.2 percent this year amid mounting signs the global recession is pummeling corporate profits.

Japan’s Nikkei 225 Stock Average rose 1.2 percent. Australia’s S&P/ASX 200 index slipped 0.9 percent, led by Westfield Group’s record slump following a share sale.

Futures on the Standard & Poor’s 500 Index added 0.3 percent. The gauge added 1.6 percent yesterday as Treasury Secretary Timothy Geithner said the government will step up efforts to fight the recession.

Record Market Share

Governments around the world are boosting efforts to revive a global economy burdened by more than $1 trillion of losses tied to the credit crisis. The number of Americans signing contracts to buy previously owned homes rose in December for the first time since August, an industry report showed.

Hyundai Motor jumped 6.8 percent to 51,300 won. Kia climbed 6.5 percent to 8,530 won. Hyundai’s U.S. sales gained 14 percent in January, while Kia’s rose 3.5 percent. The automakers defied lower demand to help Asian brands grab almost half of the U.S. market. The share of U.S. rivals dropped to a record low 42.5 percent.

Toyota Motor Corp., the world’s largest automaker, gained 3.8 percent to 2,990 yen, even as its U.S. sales slid 32 percent.

Samsung gained 3.5 percent to 507,000 won. Hynix Semiconductor Inc., the world’s second-largest computer memory maker, rose 6.2 percent to 9,670 won.

Average prices of the benchmark dynamic random access memory chips rose 3.7 percent to $1.12 yesterday, the highest since Oct. 14, according to Dramexchange Technology Inc., Asia’s largest spot market for the chips. Prices jumped 27 percent on Feb. 2, the most since November 2007.

Baltic Dry

Elpida Memory Inc., Japan’s largest computer memory-chip maker, gained 5.7 percent, to 645 yen in Tokyo. The company said it may seek public funds.

Mitsui O.S.K, operator of Japan’s largest fleet of iron-ore ships, added 2.9 percent to 601 yen. STX Pan Ocean Co. Ltd., South Korea’s biggest bulk carrier, rose 6.1 percent to 11,400 won in Seoul.

The Baltic Dry Index, which tracks the cost of shipping commodities like iron ore, added 4.5 percent in London yesterday, the 11th day of gains.

Hanjin Shipping Co., South Korea’s largest shipping line, jumped 4.3 percent to 21,750 won. The company said 2008 net income more than doubled on a 35 percent increase in sales.

Westfield, the world’s biggest shopping-center owner by market value, slumped 11 percent to A$10.72 in Sydney after selling A$2.9 billion ($1.9 billion) of shares to reduce debt.

To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.