25 May 2009
May 25 (Bloomberg) -- Most Asian stocks rose, as gains by mining and healthcare companies countered concerns North Korea's nuclear test will delay an economic recovery.BHP Billiton Ltd., the world's biggest mining company, added 1.5 percent in Sydney after a measure of metals traded in London climbed the most in two weeks. Shionogi & Co. jumped 6 percent after the Nikkei newspaper reported the company aims to sell a new drug for influenza as early as 2010. LG Electronics Inc. sank 3.2 percent in Seoul after North Korea said it conducted a "successful" nuclear test today.
"This move by North Korea came out of the blue, and it introduces geopolitical risk into the equation again," Michiya Tomita, who helps manage $61 billion at Mitsubishi UFJ Asset Management Co. in Hong Kong. "We've had an incredibly steep rally since March, so markets are bound to take a breather."
Five stocks advanced for every four that declined on the MSCI Asia Pacific Index, which was little changed at 99.30 at 1:56 p.m. in Tokyo. The gauged has rallied 41 percent from a more than five-year low on March 9. Hong Kong's Hang Seng Index lost 0.5 percent, while China's Shanghai Composite Index dropped 1.2 percent.
