Asian stocks rose for a third day in CFDs Accounts after Westpac Banking Corp. reported increased profit and brokerages lifted estimates for benchmark indexes in Hong Kong and South Korea.
Westpac, Australia’s second-largest bank, advanced 1.1 percent after second-half profit almost tripled. PetroChina Co., Asia’s biggest company by market value, jumped 2.9 percent in Hong Kong after oil prices climbed.
Woori Finance Holdings Co., which controls South Korea’s second-largest bank, climbed 2.1 percent in Seoul.
Stocks gained as Goldman Sachs Group Inc. raised its target for the Hang Seng Index and Deutsche Bank AG upgraded its prediction for the Kospi index.
The MSCI Asia Pacific excluding Japan Index rose 0.9 percent to 474.05 as of 11:52 a.m. in Hong Kong. U.S. stock futures swung between gains and losses as results from mid-term elections emerged.
Standard & Poor’s 500 Index futures pared gains driven by Republicans winning seats in the Senate, as investors awaited a Federal Reserve decision on economic stimulus.
Hong Kong’s Hang Seng Index climbed 1.8 percent to 24,101.32 after Goldman Sachs raised its 12-month target to 29,000. The Kospi gained 1 percent to 1,936.94. The gauge may reach 2,350 by the end of 2011, Deutsche Bank said.
Japanese markets are closed for a holiday. Australia’s benchmark S&P/ASX 200 Index gained 0.6 percent and New Zealand’s NZX 50 Index advanced 0.2 percent.
The U.S. S&P 500 added 0.8 percent yesterday to the highest level since May 3, as MasterCard Inc.’s profit beat analyst estimates and U.S. Steel Corp. was added to UBS AG’s short-term “buy” list.