Asian stocks jump on Japan`s growth prospects

Asian stocks rose on Monday after Japan increased the first-quarter growth estimate for the region`s biggest economy. Mitsubishi UFJ Financial Group, Japan`s biggest bank, surged on expectations of stronger growth will increase earnings. Sony and Samsung Electronics gained after a drop in US bond yields damped speculation that the Federal Reserve will raise interest rates. Mitsubishi UFJ rose 0.7% to 1.4 million Yen. Sony, the world`s second largest maker of electronic goods, rose 0.8% to 6,640 Yen.
Japanese Nikkei 225 index climbed 55.39 points, or 0.31%, to trade at 17,834.48, while Hong Kong`s Hang Seng index surged 106.34 points, or 0.52%, to trade at 20,615.49. China`s Shanghai Composite gained 82.54 points, or 2.11%, to trade at 3,995.68.South Korea`s KOSPI lost 10.72 points, or 0.62%, to trade at 1,716.56. Taiwan`s Taiex index gained 38.17 points, or 0.46%, to trade at 8,338.88, while Singapore`s Straits Times rose 53.87 points, or 1.54%, to trade at 3,545.46

source : myiris.com