Asian Stocks Rise for First Time in Six Days, Banks Lead Gains

Dec. 19 (Bloomberg) -- Asian stocks rose for the first time in six days, led by banks and electronics makers, after the European Central Bank added $500 billion to the financial system as part of a global effort to ease credit-market gridlock.
Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. led banks higher after Credit Suisse Group raised its ratings on the shares, saying recent declines were excessive.
Nintendo Co. and Hon Hai Precision Industry Co. led gains among exporters. Centro Properties Group, the Australian owner of U.S. shopping malls that's struggling to repay debt, rebounded from a two-day, 86 percent plunge after saying it remains viable.
``The ECB has soaked the market in money to make sure there is no liquidity problem,'' said Dennes Chang, who helps manage $2.5 billion at Jih Sun Securities Investment Trust Co. in Taipei. ``The strong stance helped restore investor confidence.''
The MSCI Asia Pacific Index added 0.9 percent to 153.46 as of 12:31 p.m. in Tokyo, snapping the measure's longest losing streak since the period ended July 18, 2006. Nine of the 10 industry groups on the benchmark climbed.
Japan's Topix index gained 0.7 percent, led by Nippon Steel Corp. after the maker of the alloy said it is considering closer ties with its rivals. Benchmarks gained in all other markets open for trading, except in the Philippines. South Korea's stock exchange is closed today for the country's presidential election.
U.S. stocks climbed for the first time in three days yesterday on speculation the European Central Bank's injection of funds into the financial system will help the world's largest economy withstand a deteriorating housing market.
Banks Advance
Mitsubishi UFJ, Japan's largest publicly traded bank, gained 1.9 percent to 1,062 yen. Mizuho Financial, the No. 3 Japanese lender by market value, rose 1.7 percent to 545,000 yen. Credit Suisse raised its stock ratings on the two lenders to ``outperform'' from ``neutral.''
DBS Group Holdings Ltd., Southeast Asia's largest bank, advanced 1 percent to S$20.20 in Singapore. Hang Seng Bank Ltd., Hong Kong's second-biggest lender, climbed 2.3 percent to HK$149, snapping a five-day decline.
Exporters rose on speculation the ECB's added funds will help sustain global economic growth. Nintendo, which counts on the Americas as its biggest export region, gained 3.2 percent to 63,900 yen. Hon Hai Precision Industry, which makes Apple Inc.'s iPod, rose 4.5 percent to NT$186. Canon Inc., the world's largest maker of digital cameras, advanced 0.7 percent to 5,470 yen.
Japanese Steelmakers
Nippon Steel, the world's second-largest maker of the alloy, advanced 2.9 percent to 634 yen, the biggest gain since Nov. 30. Sumitomo Metal Industries, Japan's third-largest steelmaker, climbed 2.9 percent to 464 yen. Kobe Steel Ltd. gained 2.3 percent to 350 yen.
Nippon Steel said today it has been considering closer ties with its two rivals since October. The company will spend about 50 billion yen ($441 million) to buy more shares of Sumitomo Metal and Kobe Steel, the Nikkei newspaper reported today, without saying where it got the information.
Centro Properties rose 60 percent to A$1.29. The company said today it will aim to preserve shareholder value with asset sales and that its underlying business continues to perform strongly.