Asian stocks soar on Fed stimulus speculation

Nikkei:8,955.20 (+1.30) Hang Seng:20,534.85 (+330.68) Shanghai Comp:2,567.34 (+0.75)

ASIAN STOCKS rose for a fifth day yesterday, on hopes that the Federal Reserve may announce measures to shore up the US economy next month.

“The market has priced in most of the negative factors, and now it depends on the response from policy makers,” said Koichi Kurose, chief economist in Tokyo at Resona Bank.

Honda Motor gained 1.5 per cent to ¥2,474 in Tokyo.

LG Electronics, the world’s fourth-largest maker of mobile phones by sales, climbed 4.1 per cent to 66,600 won in Seoul.

Li Fung, a supplier of toys and clothes to US retailers including Wal-Mart, increased 3.5 per cent to HK$14.04.

Wing Tai, a property developer in Singapore, advanced 8.4 per cent to S$1.36 after reporting fourth-quarter net income more than doubled.

Sihuan Pharmaceutical, a drug maker in China, rose 14 per cent to HK$3.04 in Hong Kong.

Telecom New Zealand slumped 3.6 to NZ$2.54.

Taiheiyo Cement, a supplier of the building material, fell 15 per cent to ¥135 in Tokyo, dropping the most in the Nikkei 225. – (Bloomberg)