Most Asian Stocks Climb as U.S. Jobs Data Buoys Exporters

By Kana Nishizawa and Yoshiaki Nohara - Mar 16, 2012 9:14 AM GMT+0700

Most Asian stocks rose, with a regional benchmark index set to gain for a 12th week in 13 weeks, after U.S. jobs and manufacturing data added to signs the world’s biggest economy is recovering, boosting the outlook for Asian exporters.

Li & Fung Ltd. (494), a clothes and toys supplier to Wal-Mart Stores Inc., rose 4 percent in Hong Kong. Gree Inc. (3632), a Japanese social networking site, rose 4.1 percent in Tokyo after Citigroup Inc. said its shares are suffering from “excessive” regulatory concerns. Hyundai Wia Corp., an auto parts maker, slumped 5.1 percent in Seoul after its shares were offered at discount by South Korean automakers. BHP Billiton Ltd. (BHP), the No. 1 Australian oil producer, slipped 0.8 percent in Sydney after crude prices fell yesterday.

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The MSCI Asia Pacific Index rose 0.02 point, or less than 0.1 percent, to 127.89 as of 11:07 a.m. in Tokyo, set to gain for the 12th week in 13. About nine stocks climbed for every seven that fell, with six of the gauge’s 10 industry groups advancing.

Japan’s Nikkei 225 Stock Average (NKY) rose 0.2 percent. Australia’s S&P/ASX 200 Index (AS51) dropped 0.1 percent and South Korea’s Kospi Index slid 0.2 percent.

Hong Kong’s Hang Seng Index advanced 0.3 percent, while the Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, gained 0.8 percent.

To contact the reporters on this story: Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.