Asian Stocks Gain; Profit Woes, Iraq Cloud Outlook

Singapore, September 27: | Updated: Sep 28 2002, 05:30am hrs
Stocks clawed back further ground in Asia on Friday on strong US economic data and hopes Japan will inject public funds into ailing banks, but European shares looked set to open mixed despite a rally on Wall Street.

Tokyos Nikkei stock average rose more than two per cent, led by banks and brokers after a newspaper reported plans by the Financial Services Agency to step up the disposal of banks bad loans. It looks like the Bank of Japan and the government are working as a team and for the market, thats a big relief, said Sadaharu Nagumo, senior fund manager at Japan Investment TrustManagement, which oversees 286 billion yen of investment trusts.

Most other Asian stock markets gained, by as much as 1.7 per cent in the case of Singapore, though New Zealand edged lower.