Asian Stocks Gain led by exporters in Tokyo (MarketWatch) (11-04-2008)

HONG KONG (MarketWatch) -- Most Asian markets gained on Friday, as exporters gained in Japan, while Hong Kong stocks were lifted by strong corporate earnings forecasts by Chinese banks.

In Tokyo, the Nikkei 225 Average jumped 2.1% to 13,218.28, while the broader Topix index advanced 1.5% to 1,267.06.

Hong Kong's Hang Seng Index rose 0.9% to 24,393, while the Hang Seng China Enterprises Index climbed 1.3% to 13,171.39, as, according to a strategist “investors turned optimistic” after the recovery on Wall Street, extending gains in Shanghai and strong earnings forecast from China Merchants Bank, which gave an estimate for its first-quarter net profit higher by around 140% from a year-earlier. The announcement came close on the heels of Industrial & Commercial Bank of China's forecast its net profit will grow at least 50% during the January-March quarter from a year-ago.

Australia's S&P/ASX 200 fell 0.8% to 5,405.80 and New Zealand's NZX 50 index lost 1.8% to 3,477.43, while South Korea's Kospi inched up 0.1% to 1,766.59.

China's Shanghai Composite advanced 0.9% to 3,501.49 and Taiwan's Weighted index climbed 0.5% to 8,874.69, while Singapore's Straits Times Index gained 0.6% to 3,083.94.

Financials in Japan were all in positive territory including shares of Mizuho Financial Group, in spite of news that the banking giant Friday cut its earnings estimate for the year ended March 31 for a third time, because of losses at its brokerage unit, Mizuho Securities Co.

 Source: MarketWatch