Motor sector recovery boosts Asian indices

Nikkei:8,701.23 (+85.58) Shanghai Comp: 2,365.34 (–26.72) Values at yesterday's close

ASIAN MARKETS reversed losses in a late flurry of buying yesterday, on hopes for a resolution to discussions over the European bailout fund as Germany prepared to vote on the measures.

Japan’s Nikkei 225 stock average climbed 1 per cent with motor manufacturers among the strongest gainers.

Toyota, whose output rose 10 per cent in August, climbed 0.9 per cent to ¥2,702, while Nissan Motor gained 3.8 per cent to ¥690.

Mazda added 4 per cent to ¥158. Bus and truck maker Hino rose 4.2 per cent to ¥469.

Konami, a computer games developer, climbed 5.3 per cent to ¥2,609 after Citigroup put the stock on its “most preferred” list.

LG Electronics jumped 11.2 per cent to Won68,800.

LCD screen maker LG Display, which has lost nearly 40 per cent this quarter, climbed 11 per cent to Won20,150.

Taiwan Semiconductor Manufacturing, the world’s biggest contract chipmaker, ended unchanged at T$70.30 after its biggest US customer Advanced Micro Devices cut sales and profit forecasts. – (Copyright The Financial Times Limited 2011)