Asian markets: Warren Buffett sends shares in Chinese suitmaker soaring

Asian stocks rose Thursday sending the MSCI Asia Pacific Index to a new high for the year, ending the day at 118. This indicator has increased 69 percent since hitting its five-year low on March 9. In China, the Shanghai Composite index rose 2 percent to close at 3,060, just above the 3,000 mark, which is emerging as a key psychological barrier.

There was huge excitement in Shanghai as shares of Warren Buffett's favorite suit company, Dalain Dayang Trands Co. Ltd., climbed to its 10 percent daily limit again today. Dalain's stock has soared 229 percent this year making it the fastest-growing northern-Chinese clothing maker. This is the third consecutive day the company has seen a 10 percent rise, perhaps due to Buffett's recent praise for the company. "I now have nine suits all made in China," he told the audience last week at his Berkshire Hathaway meeting. "I threw away the rest of my suits."