Reply #3: Asian Stocks Advance on TDK, Astellas, Macquarie Bank Earnings [View All]

[Ghost Dog]

http://www.bloomberg.com/apps/news?pid=20601080&sid=a3U7011hkYyE&refer=asia

May 16 (Bloomberg) -- Asian stocks rose after TDK Corp., Astellas Pharma Inc. and Macquarie Bank Ltd. reported earnings that beat estimates.

Expectations that economic and profit growth in Asia will exceed the rest of the world has helped the Morgan Stanley Capital International Asia-Pacific Index outpace its global equivalent in four out of the past five years.

``In the case of Asia, whether it is China, India or Japan, earnings should drive markets,'' said John Praveen, chief investment strategist at Prudential International Investments Advisers LLC, a unit of Prudential Financial Inc., which oversees $616 billion. ``We still have about 5 to 6 percent earnings growth in the developed markets and much stronger earnings in Asia.''

Samsung Heavy Industries Co. climbed after announcing a $772 million ship order. Compal Communications Inc. gained on speculation it may receive mobile-phone orders from Nokia Oyj.

MSCI's Asia-Pacific Index added 0.1 percent to 148.61 at 5:14 p.m. in Tokyo. China CSI 300 Index jumped 2.7 percent, the region's biggest rise, as low deposit rates encouraged investors to buy stocks. Only benchmarks in Pakistan and Sri Lanka fell.

In Japan, the Nikkei 225 Average advanced 0.1 percent while the broader Topix index was little changed. Kajima Corp., the country's biggest builder, plunged the most in nine years after the company forecast lower earnings.

U.S. stocks fell yesterday after profit at Home Depot Inc. dropped more than forecast, housing prices tumbled and foreclosures rose, heightening concern the real-estate slump may worsen. The Standard & Poor's 500 Index lost 0.1 percent.

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