Asian Stocks Gain, Led by Taiwanese Manufacturers on Election
March 24 (Bloomberg) -- Asian stocks rose for a second day, led by technology companies and automakers, after Taiwanese elections boosted prospects of improved trade with China and Nissan Motor Co. forecast higher sales.Taiwan Semiconductor Manufacturing Co., the world's largest custom-chip maker, surged the most in almost four years after Ma Ying-jeou's victory ended the pro-independence Democratic Progressive Party's rule. Nissan, Japan's third-biggest carmaker, climbed for a third straight day.
``It's an extremely positive development for Taiwan,'' Hans Goetti, who oversees $10 billion in assets as chief investment officer at LGT Bank in Liechtenstein AG in Singapore, said in a Bloomberg Television interview. ``The question is whether China gives Taiwan everything it wants.''
The MSCI Asia Pacific Index gained 0.5 percent to 136.48 as of 11:30 a.m. in Tokyo, with eight of the index's 10 industry groups advancing.
Taiwan's Taiex index surged 4.1 percent, the most since Feb. 14, with 662 of the gauge's 676 stocks gaining. Japan's Nikkei 225 Stock Average rose 0.4 percent to 12,528.90. Markets in Hong Kong, Australia and New Zealand are shut for holidays.
Taiwan Semiconductor, the world's biggest custom chip manufacturer, gained 4.6 percent to NT$67.80, the most since Jan. 29. Hon Hai Precision Industry Co., the largest contract electronics maker, rose 5.7 percent to NT$186.
Kuomintang candidate Ma Ying-jeou won Taiwan's March 22 presidential election on pledges to begin direct flights in two months to China and work toward a common market with the mainland. Taiwan has restricted direct shipping, air and postal links with the mainland since the Kuomintang retreated to the island in 1949 after losing China's civil war to the Communist Party.
Transport Companies
China Airlines, Taiwan's largest carrier, rose 5.3 percent to NT$19.80 in Taipei, while smaller rival Eva Airways Corp. surged 6.9 percent to NT20.85, the most since May 2004. Evergreen Marine Corp., Taiwan's largest shipping line, gained 3.8 percent to NT$30.45.
Nissan gained 4.1 percent in Tokyo, after Chief Executive Officer Carlos Ghosn said revenue for the next fiscal year will exceed the current year's target, with higher sales in emerging markets including Russia and the Middle East countering slowing demand in the U.S. and Japan.