US outlook boosts Asia stocks to a record

US outlook boosts Asia stocks to a record
By Darren Boey


ASIAN stocks rallied to a record yesterday after the US Federal Reserve predicted growth will pick up in the world's biggest economy, Bloomberg News reported.
Sony Corp and Samsung Electronics Co paced gains among exporters. "The US economy is posing less of a risk to markets than before," said Kim Woo Sik, who manages US$210 million at SH Asset Management Co in Seoul. The Morgan Stanley Capital International Asia-Pacific Index rose 1.3 percent to 150.27 at 6:27pm in Tokyo, recovering from a 0.5 percent drop on Wednesday. The measure has gained 2.8 percent this month, set for a record close.
Japan's Nikkei 225 Stock Average advanced 1.6 percent to 17,875.75, its highest since February 27.
Hyundai Heavy Industries Co led South Korea's Kospi index 2.3 percent higher on booming ship orders. Only Taiwan's Taiex closed lower among the region's benchmarks. Markets in Singapore, Thailand and Sri Lanka were shut for public holidays.
BHP Billiton Ltd rose after naming a successor to Charles 'Chip' Goodyear as chief executive officer. Investa Property Group climbed to a record after Morgan Stanley agreed to buy the company for A$4.7 billion (US$3.9 billion).
The Standard & Poor's 500 Index added 0.8 percent to 1530.23 on Wednesday, eclipsing its March 2000 record close.
US policy makers kept their prediction of a pick-up in economic growth and said "downside risks" to the expansion have "diminished slightly" in minutes of the May 9 Federal Open Market Committee meeting released Wednesday.
Sony, the world's largest video-game maker, advanced 1.5 percent to 7,010 yen (US$57.65). Overseas sales accounted for 70 percent of Sony's total sales last year. Samsung Electronics, South Korea's biggest exporter, gained 0.6 percent to 535,000 won (US$577). Samsung accounted for about 16 percent of South Korean exports last year