Asian Stocks advance on Taiwan opposition leader win (Bloomberg) (24-03-2007)

March 24 (Bloomberg) -- With markets in Hong Kong, Australia and New Zealand still closed in observance of the Easter celebrations, Asian stocks rose, led by the biggest rally in Taiwan in six weeks, on the opposition candidate Ma Ying-jeou's presidential election victory. According to investors, this augurs well for improved trade with China.

The MSCI Asia Pacific Index added 0.6 percent to 136.62 as of 1:37 p.m. in Tokyo, gaining for a second day. Seven of the index's 10 industry groups advanced.

Taiwan's Taiex index surged 3.8 percent, the most since Feb. 14, extending last week's 4.5 percent increase. Japan's Nikkei 225 Stock Average rose 0.4 percent to 12,534.37. China's CSI 300 Index fell 1 percent, adding to six straight weeks of declines. .

Oil fell as much as 1.6 percent to $100.20 a barrel in electronic trading on the New York Mercantile Exchange, on concern an economic slowdown in the U.S. will reduce demand. Crude reached a record close of $110.33 on March 13.

Banks in Japan were advancing with Mitsubishi UFJ gaining 2.46%, Sumitomo bank adding 3.41% and Mizuho advancing by 2.97%.

Source Bloomberg