Asia stocks rise on positive start to US earnings

Published on NewsOK Modified: January 9, 2013 at 11:24 pm •  Published: January 9, 2013
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BANGKOK (AP) — A positive start to U.S. corporate earnings season and a sharp improvement in China's monthly trade helped boost Asian stock markets Thursday.

Hong Kong's benchmark index rose on the heels of a decision by China's securities regulator to transfer some IPOs of mainland-based companies to the territory's exchange.

Major regional benchmarks rose after a handful of better-than-expected results from U.S. companies that also lifted Wall Street. Consumer products maker Helen of Troy, whose brands include Dr. Scholl's and Vidal Sassoon, reported a 15 percent profit increase. Electronic payments processor Global Payments said its fiscal second-quarter earnings rose nearly 15 percent, beating Wall Street expectations.

Japan's Nikkei 225 index rose 0.9 percent to 10,666.84. South Korea's Kospi added 0.7 percent to 2,004.96 and Australia's S&P/ASX 200 advanced 0.3 percent to 4,721.40. Benchmarks in Singapore, Taiwan and New Zealand also rose.

The Hang Seng Index gained 0.9 percent to 23,419.46 following a decision by the China Securities Regulatory Commission to allow some initial public offerings of mainland companies to be carried out in Hong Kong.

The move is an effort to clear a backlog of IPOs that the understaffed CSRC cannot handle, said Francis Lun, managing director of Lyncean Holdings in Hong Kong.

"It's a practical way to handle an emergency problem," Lun said. It will boost the Hong Kong exchange's market capitalization by one-third, he said.

A rebound in China's exports also lifted investment sentiment. Export growth more than quadrupled from November to 14.1 percent in December. Imports rose 6 percent from November, when they failed to grow at all.

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