March 25 (Bloomberg) -- Asian stocks rose for a third day, led by banks, after JPMorgan Chase & Co.'s increased bid for Bear Stearns Cos. eased concern about tumbling financial asset prices.
National Australia Bank Ltd., the country's biggest by assets, advanced to a one-month high in Sydney, where markets rebounded after a four-day break. BHP Billiton Ltd. climbed after U.S. home sales unexpectedly gained, lifting copper prices. Canon Inc., the world's largest maker of digital cameras, led Japanese exporters higher.
``By seeing more value in Bear Stearns and paying more for it, the same could be said for the value of financials in this region,'' said Hans Kunnen, who helps manage $128 billion at Colonial First State Global Management in Sydney. ``I won't say overall sentiment has turned, but that the market is buoyed by bits of positive news.''
The MSCI Asia Pacific Index added 1.9 percent to 138.55 as of 11:02 a.m. in Tokyo, on course for its first three-day gain since the period ended Feb. 27. All 10 industry groups advanced.
Japan's Nikkei 225 Stock Average climbed 1 percent to 12,608.72. The S&P/ASX 200 Index surged 4.2 percent in Australia after a four-day holiday, during which the Standard & Poor's 500 Index rallied 4 percent in the U.S. Benchmarks advanced in other markets open for trading.
National Australia jumped 5.9 percent to A$30.84, on course for its highest close since Feb. 27. Kookmin Bank, South Korea's largest, rose 2 percent to 56,100 won. DBS Group Holdings Ltd., Southeast Asia's biggest bank, added 1.3 percent to S$18.24 in Singapore.
Higher Bid
Bear Stearns surged 89 percent in New York Stock Exchange composite trading after JPMorgan raised its offer to about $10 a share from $2.52 and struck a deal to buy a 39.5 percent stake without a shareholder vote, making it unlikely opponents can block the takeover.
MSCI's Asian index has rallied 2.4 percent in the past three days, led by financial shares, on speculation the U.S. will contain credit-market losses. The advance helped pare the benchmark's 2008 loss to 13 percent.
Commonwealth Bank of Australia, the nation's biggest provider of home loans, surged 6 percent to A$41.67. St. George Bank Ltd., Australia's fifth-largest, rose 6.3 percent to A$27.73. The stocks also climbed after the banks announced profit gains from shares received in Visa Inc.'s initial public offer.
Stocks extended their advance after the U.S. National Association of Realtors said existing home sales climbed 2.9 percent to an annual rate of 5.03 million in February, increasing for the first time in seven months. Economists had forecast a decline to 4.85 million, according to a Bloomberg News survey.
BHP, Canon Jump
BHP, the world's largest mining company, rose 2.2 percent to A$34.60, rebounding from its biggest drop in more than 20 years. Rio Tinto Group, the third-largest, added 1.6 percent to A$118.10. Copper prices rose 1.4 percent in New York yesterday after the release of the housing report.
Canon surged 3.7 percent to 4,770 yen. The company gets almost 30 percent of its sales from the Americas. Westfield Group, which operates 59 shopping malls in the U.S., surged 5.1 percent to A$18.68. James Hardie Industries NV, the No. 1 provider of home siding in the U.S., added 6.3 percent to A$6.27.
Nippon Electric Glass Co. surged 9.6 percent to 1,497 yen. The world's third-biggest supplier of glass for liquid-crystal displays advanced after saying it expects sales to accelerate next year.
Leighton Holdings Ltd., Australia's largest engineering and construction company, rose 10 percent to A$42.40, the most since November 1997. The company may form a $700 million alliance with Accor SA to build hotels in India and China, the Australian Financial Review reported, without citing anyone.
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