Asian stocks advance on higher earnings forecasts and bank merger (Bloomberg) (13-05-2008)

May 13 (Bloomberg) -- Asian stocks advanced the most they have in one week, as technology companies and automakers surged following higher profit forecasts by Fujitsu Ltd. and Isuzu Motors Ltd.

Japan's Nikkei 225 Stock Average rose sharply by 1.53% to 13,953.73. Nikon Corp., the world's second-biggest maker of cameras used by professionals, led gains after announcing its first share buyback in five years.

China's CSI 300 Index fell 1.4 percent. Indexes advanced elsewhere in Asia, except in Australia, Malaysia and Sri Lanka.

Banks were on the forefront today with St. George Bank Ltd. surging the most on record after accepting rival Westpac Banking Corp. bid.

Mizuho Financial Group Inc., Japan's third-largest publicly traded bank by market value, rose 2.8 percent to 523,000 yen. Macquarie Group Ltd., Australia's biggest investment bank, gained 2.5 percent to A$64.15.

  Source Bloomberg