July 28 (Bloomberg) -- Asian bank stocks rose after Sumitomo Mitsui Financial Group Inc. was upgraded by Nomura Holdings Inc. Shippers fell a second day after Japanese shipping lines forecast losses.
Sumitomo Mitsui, Japan’s third-largest lender, gained 2.9 percent as Nomura said the company’s ability to generate profit make it a top pick. James Hardie Industries NV, the biggest seller of home siding in the U.S., climbed 2.6 percent in Sydney after new-home purchases in America surged the most in eight years. Kawasaki Kisen Kaisha Ltd., Japan’s third-biggest shipping line, sank 1.4 percent to a two-week low after saying it will likely lose money this year.
The MSCI Asia Pacific Index rose 0.2 percent to 109.25 as of 9:55 a.m. in Tokyo, set for an 11th consecutive gain. Acceleration in China’s economic growth and better-than-expected U.S. earnings have helped drive an 11 percent climb in the past 11 days. That’s the longest winning streak since January 2004.
Japan’s Nikkei 225 Stock Average lost 0.3 percent to 10,063.08. CSL Ltd. helped lead gains in Australia after saying it will start trials of its swine flu vaccine.
Futures on the Standard & Poor’s 500 Index slipped 0.2 percent today. The gauge climbed 0.3 percent yesterday as a government report showed sales of new homes jumped 11 percent last month from May, the most in eight years and higher than every economist forecast in a Bloomberg survey.
Sumitomo Mitsui, Japan’s No. 3 listed bank, climbed 2.9 percent to 3,950 yen. The company had its investment rating lifted to “buy” from “neutral” at Nomura with a price estimate of 4,500 yen. Improved capital ratios boost the bank’s growth prospects, Nomura analyst Keisuke Moriyama wrote in a Japanese-language report yesterday.
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