Asian Stocks Gain for First Time in Eight Days; Sharp Gains

Dec. 21 (Bloomberg) -- Asian stocks rose for the first time in eight days. National Australia Bank Ltd. paced an advance by Australian companies as investors bet recent declines have been excessive relative to earnings prospects.
``It has been a horrible seven days and now we're seeing the market bounce back a little bit,'' said Paul Xiradis, who helps manage the equivalent of $11 billion at Ausbil Dexia in Sydney. ``People are still cautious but they are seeing value out there.''
Sharp Corp., Japan's largest maker of liquid-crystal displays, paced gains in Japan after a report said Toshiba Corp. will align with the company on display panels. Canon Inc. fell to the lowest in almost 18 months after a report said the company's profit may rise 7 percent, missing forecasts.
The MSCI Asia Pacific Index gained 0.7 percent to 152.83 at 11:14 a.m. in Tokyo. All 10 industry groups on the benchmark climbed. The measure fell 2.4 percent this week.
Japan's Nikkei 225 Stock Average added 1.2 percent to 15,205.16. All Asia's benchmarks advanced.
Australia's S&P/ASX 200 rose 0.7 percent, snapping its longest losing streak in five years.
National Australia Bank, the country's biggest lender which fell 5.1 percent in the past four days, gained 2.4 percent to A$37.36. Westpac Banking Corp., the fourth-largest Australian bank, added 33 cents, or 1.2 percent, to A$27.62, after sliding 5.9 percent earlier this week.
Sharp gained 2.3 percent to 1,944 yen. Toshiba will buy 40- inch to 60-inch LCD panels made at Sharp's new Japanese factory, the Nikkei newspaper reported today. Sharp spokesman Hiroshi Takenami said the company is considering an alliance with Toshiba.