Reply #1: Asian Stocks Rise for 3rd Day; Mizuho Jumps on Profit Forecast [View All]

[Ghost Dog]

http://www.bloomberg.com/apps/news?pid=20601080&sid=aH6kuQsTRKsc&refer=asia

May 23 (Bloomberg) -- Asian stocks rose for a third day, led by Japanese banks after Mizuho Financial Group Inc. forecast record earnings.

Nintendo Co. led technology shares higher after saying U.S. sales of Wii video-game consoles may reach 35 million. Airline stocks gained on expectations Singapore Airlines Ltd. will buy a stake in China Eastern Airlines Corp.

Financial shares climbed the most among the 10 industry groups included in the Morgan Stanley Capital International Asia- Pacific Index. Mizuho, Japan's No. 2 lender, posted its biggest jump in more than a year.

``The banks are really standing out as their earnings have fostered some confidence,'' said Hideyuki Ookoshi, who oversees $365 million at Chiba-Gin Asset Management Co. in Tokyo.

The MSCI index rose 0.1 percent to 149.56 at 5.45 p.m. in Tokyo, 0.4 percent below the record close of 150.12 set May 9. China's CSI 300 Index climbed to a new high after a newspaper report damped speculation the government would increase fees on stock transactions.

Japan's Nikkei 225 Stock Average climbed 0.1 percent to 17,705.12. Other markets gained, except in Hong Kong, Malaysia, Thailand, India, Sri Lanka and the Philippines.

Financial and real-estate companies led most U.S. stocks higher for a third day after Treasury Secretary Henry Paulson said the slump in housing is ``largely'' over.

Bank Earnings

The Topix Banks Index jumped 3.8 percent today, the biggest advance among 33 industry groups.

Net income will climb 21 percent to 750 billion yen ($6.18 billion) in the financial year ending March 31, Mizuho said yesterday after the close of trading. That would be the biggest profit since Mizuho was formed in 2003.

Shares of Mizuho, Japan's No. 2 lender, surged 5.5 percent to 847,000 yen, set for the biggest advance since January 2006. It will also spend as much as 150 billion yen buying back shares and raise its full-year dividend by 43 percent.

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