Toyota and Honda drive Asian stocks higher

Nikkei:9,965.09 (+97.02) Hang Seng:22,770.47 (+372.37) Shanghai Comp:2,812.82 (+53.45)

ASIAN STOCKS rose yesterday, as exporters climbed after US manufacturing unexpectedly grew and Europe prevented a default by Greece.

“The increase in the manufacturing index shows US consumption is favourable, and signals the economy will further recover through the end of this year,” said Takero Inaizumi, head of equity research in Tokyo at Mizuho Investors Securities.

Toyota, which receives 27 per cent of its sales from North America and 10 per cent from Europe, gained 1.5 per cent to ¥3,385 in Tokyo. Honda increased 3.5 per cent to ¥3,220.

Samsung Electronics rose 2.7 per cent to 878,000 won in Seoul, the biggest support to the MSCI Asia Pacific Index.

BHP, which receives 17 per cent of its revenue from petroleum, climbed 0.6 per cent to A$44.02 in Sydney.

Cnooc, a Chinese offshore oil refiner, gained 1.9 per cent to HK$18.50 in Hong Kong.

PetroChina gained 1.4 per cent to HK$11.54.

Tokyo Electric Power, the utility at the centre of the worst nuclear crisis in 25 years, jumped 20 per cent to ¥393. – (Bloomberg)