Most Asian stocks rose, led by banks and utilities, after President Barack Obama said there are “signs of progress” in U.S. efforts to revive the world’s largest economy. Japanese exporters declined. Commonwealth Bank of Australia climbed 3.8 percent in Sydney as the government offered to guarantee as much as $27 billion of bonds. Tokyo Electric Power Co., Japan’s largest power company, gained 2.8 percent a day before its shares trade without the right to its latest dividend. Sony Corp., the world’s second-largest consumer electronics maker, slid 2.8 percent in Tokyo as the nation’s exports sank by a record. “When you consider how much money governments have thrown at the crisis to get liquidity going, you’d think it’ll have some effect,” said Chris Hall, who helps oversee about $2 billion at Adelaide, South Australia-based Argo Investments. “It’ll take a bit of time to all come through.” Five advanced for every four that declined on the MSCI Asia Pacific Index, which gained 0.2 percent to 84.06 at 1:37 p.m. in Tokyo. The gauge rallied 19 percent from a five-year low on March 9 through yesterday amid speculation the worst of the financial crisis is over. Japan’s Topix Index added 0.3 percent, while Hong Kong’s Hang Seng Index dropped 0.5 percent. All other markets rose except India, New Zealand, Singapore and Malaysia. Mitsubishi Tanabe Pharma Corp. plunged 14 percent in Tokyo after the drugmaker said it will recall a product. Brambles Ltd., which makes wooden pallets for transporting goods, slumped 11 percent in Sydney as Dow Jones reported the company had lost a contract with PepsiCo Inc. units. Little Sheep Group Ltd., which runs hot-pot restaurants in China, surged 16 percent in Hong Kong after Yum! Brands Inc. said it will buy a stake. Futures on the Standard & Poor’s 500 Index added 0.4 percent today. The gauge fell 2 percent yesterday as Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Timothy Geithner called for new powers to take over and dismantle failing financial firms.

Source