By Darren Boey
April 14 (Bloomberg) -- Asian financial stocks advanced after Goldman Sachs Group Inc. reported better-than-estimated earnings. Qantas Airways Ltd. and Sumitomo Realty & Development Co. slumped on disappointing profit reports.
National Australia Bank Ltd., the nation’s biggest lender by assets, climbed 3.6 percent as Goldman Sachs’ earnings fueled optimism that industry profits will recover. BHP Billiton Ltd. gained 1.8 percent in Sydney after copper prices rose. Qantas, Australia’s largest airline, fell 7.7 percent, while Sumitomo Realty, Japan’s No. 3 developer, sank 6.9 percent in Tokyo.
The MSCI Asia Pacific Index added 0.3 percent to 88.68 at 11:05 a.m. in Tokyo, snapping a three-day, 4.3 percent advance. The gauge has climbed 26 percent from a five-year low reached on March 9 amid speculation government stimulus efforts worldwide will succeed in easing the global financial crisis.
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