By Jonathan Burgos
March 4 (Bloomberg) -- Most Asian stocks rose as optimism governments will widen efforts to bolster growth offset plunging U.S. auto sales and a contraction in Australia’s economy.
Aluminum Corp. of China Ltd. rose 4.4 percent in Shanghai as a former statistics chief said Premier Wen Jiabao will announce a new stimulus package tomorrow. Toyota Motor Corp., the world’s biggest carmaker, lost 2.6 percent in Tokyo after U.S. sales sank by a record last month. Commonwealth Bank of Australia slumped 2.8 percent in Sydney as the country’s economy shrank in the fourth quarter for the first time in eight years.
“We’re seeing some bright spots in China,” Pauline Dan, chief investment officer at Samsung Investment Trust Management Co. in Hong Kong, which oversees $61 billion. “Domestic consumption seems to be doing better given the government’s pump priming efforts.”
More than two stocks gained for each one that fell on the MSCI Asia Pacific Index, which added 0.1 percent to 71.92 at 12:47 p.m. Tokyo time. The gauge slumped 20 percent in 2009, extending last year’s record 43 percent tumble, as recessions in the world’s largest economies hurt earnings at exporters such as Toyota and Honda Motor Co.
To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.
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