ASIAN stocks rose for the first time in four days, led by financial shares, after China Merchants Bank Co doubled its profit and Citic Securities Co said net income jumped more than fivefold.
China Construction Bank Corp, the nation's second-largest bank, climbed the most in two weeks in Hong Kong. Fubon Financial Holding Co led Taiwanese financial companies higher after the Economic Daily News reported they may be allowed to buy stakes in Chinese mainland banks. Reliance Industries Ltd paced gains among energy shares after saying it may join rivals to seek oil in India, Bloomberg News said.
The MSCI Asia Pacific Index added less than 0.1 percent to 153.15 as of 5:55pm in Tokyo, following a three-day, 3.4 percent drop. About six stocks climbed for every five that retreated. Japan's Nikkei 225 Stock Average gained 0.2 percent to 14,528.67.
United States stocks gained on Monday for the first time this year, led by drug firms and utilities, after analysts recommended buying shares of companies least affected by an economic slowdown.
Japanese shipping lines rose, led by Mitsui O.S.K. Lines Ltd after Deutsche Bank AG recommended that investors buy shares of the country's three largest marine-transport companies. Sony Corp climbed for a second day after Time Warner Inc said it will use the Japanese company's Blu-ray video technology exclusively.
Hyundai Engineering & Construction Co and Daewoo Shipbuilding & Marine Engineering Co led declines in South Korea after Edaily said Korea Development Bank will delay selling its stakes in the companies.
China Merchants Bank, the nation's largest dual-currency credit-card issuer, said profit in 2007 surged 110 percent from a year earlier on higher lending. The stock jumped three percent to HK$31 (US$3.97) in Hong Kong.