Asian
stocks outside Japan rose, with a benchmark index heading for a four-day rally,
as Hong Kong stocks extended yesterday’s gains amid optimism China’s economic
reforms will boost growth.
The
Hang Seng China Enterprises Index of mainland companies listed in Hong Kong
added 1.4 percent, taking its three-day gain to 10 percent, the most in more
than two years. Commonwealth Property Office Fund jumped 4.2 percent in Sydney
after an Australian property fund received a higher competing bid. Honda Motor
Co., which gets 83 percent of its revenue outside Japan, lost 1.1 percent as
the yen gained.
The
MSCI Asia Pacific excluding Japan Index added 0.2 percent to 478.48 as of 9:48
a.m. in Hong Kong. The MSCI Asia Pacific Index, which includes Japan, was
little changed near the highest level since Oct. 30 after rising 3.2 percent
over the past three trading days as China pledged to execute economic reforms
and Federal Reserve chairman nominee Janet Yellen said she would continue U.S.
stimulus.
Hong
Kong’s Hang Seng Index rose 0.3 percent. China’s Shanghai Composite Index
slipped 0.2 percent. China’s Communist Party unveiled the biggest package of
economic reforms since the 1990s last week, with leaders in the world’s
second-largest economy vowing to allow more private investment in state-run
industries, ease the one-child policy and expand farmers’ land rights.
(Source: Bloomberg)
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