Asian stocks climbed as merger talks boosted insurers and commodity producers, who gained amid rising raw materials prices, paring the worst annual losses on record for the region’s benchmark index.
Mitsui Sumitomo Insurance Group Holdings jumped 8.3 per cent in Tokyo on speculation that it will combine with two rivals. Elpida Memory, Japan’s No. 1 computer-memory chipmaker, climbed 13 per cent on merger discussions with Taiwanese competitors. Woodside Petroleum rose 5.7 per cent in Sydney as oil rose for a second day. Tokyo Electric Power Corp led utilities higher after figures showed their fuel costs fell.
The MSCI Asia Pacific Index added 1.5 per cent to 88.71 as of 7:23 pm in Tokyo. Five stocks rose for every three that fell. The global financial crisis has dragged the measure down by 44 per cent this year, putting it on course for the worst annual performance in its two-decade history. Japan’s Nikkei 225 Stock Average added 0.1 per cent, while India’s Sensitive Index gained 2.2 per cent.
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