Asian Stocks gain on technology and automakers (Bloomberg) (29-05-2008)

May 29 (Bloomberg) -- Asian stocks advanced on Thursday’s session as investors become more optimistic regarding the ability of sales to deal with rising costs and a global slowdown.

Samsung Electronics Co. rose sharply after the rise of U.S. durable goods orders and Toyota Motor Corp. rallied the most since May 2 on the yen’s decline. BHP Billiton Ltd. gained after Morgan Stanley said oil may rise to $150 a barrel.

The MSCI Asia Pacific Index added 1.6 percent to 148.83 as of 2:48 p.m. in Tokyo. The gauge climbed as much as 1.7 percent earlier, on course for its sharpest gain since April 21. All 10 industry groups climbed.

Japan's Nikkei 225 Stock Average advanced 3.03 percent to 14,124.47, gaining most in almost two months. With the exception of Karachi, most other Asian benchmark indexes rose.

Pakistan's KSE100 tumbled more than 4 percent, bringing this month's loss to 22 percent this month, the sharpest drop since October 1998. NIB Bank Ltd., a unit of Singapore's Temasek Holdings Pte Ltd., slumped 8.3 percent to 11 rupees. United Bank Ltd., the nation's third-largest lender by assets, fell 4.8 percent to 104 rupees.

  Source Bloomberg