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Asia: Stocks mixed

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Date: Thursday 15 May 2008

LONDON (ShareCast) - Asian stocks were mixed with Japan’s Nikkei getting a boost from some positive corporate news.

Electrical group Sony surged ahead after it announced a better-than-expected outlook. It expects operating profit to grow 20% to 450bn yen in current year, beating market expectations of 428.5bn yen.

Steel firms such as Nippon Steel rose after Toyota Motor Corp said it would pay over 30% more for steel.

Exporters were also given a lift as the yen slipped against the dollar with Honda and Cannon posting decent gains.

Hong Kong stocks were on the back foot though as investors chose to take recent profits. One bright note was Hutchison Whampoa, which did well after Citigroup upgraded the firm to buy from hold.

Across the markets, the Nikkei rose 133 points but the Hang Seng was down 19.

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