Asian steel stocks rose after the U.S. presidential candidate Barack Obama proposed a stimulus plan to stimulate economic growth. Japanese exporters fell on concern a stronger yen will hurt value of overseas sales.
Posco, the world’s third largest steel producer, climbed 4.7 percent in Seoul on Obama’s plan for speculation, demand for the material and after the Chinese steel prices jumped to encourage. JFE Holdings Inc, Japan’s second largest steelmaker, rose 4.1 percent in Tokyo. Nissan Motor Co. lost 1.2 percent in Tokyo, while Nintendo Co., the world’s largest maker of video game consoles, dropped 0.7 percent in Osaka as the yen advanced against the euro.
The MSCI Asia Pacific Index gained less than 0.1 percent to 121.95 in Tokyo from 10:49, with about as many stocks rise and fall. The stock profile rally 4.6 percent in the past four days amid optimism the U.S. economy to avoid falling back into recession.
“Obama’s plan is to help steel producers,” said Nader Naeimi, based in Sydney, a strategist at AMP Capital Investors Ltd., which manages 85 billion U.S. dollars. “The restoration of the 2008 recession was always at the back of the physical infrastructure spending. We have not seen convincing evidence that the yen will weaken significantly, and that’s bad news for the Japanese economy and stock market.”
source:bloomberg
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