Asian Stocks Rise as Japan’s Topix Rebounds on Economic Optimism
Bloomberg, (31/5) -- -- Asian stocks gained, with Japanese equity gauges
rebounding after entering a so-called correction yesterday, following
reports that Japan’s pension fund may boost stock holdings and the
nation’s industrial output expanded faster than analysts estimated.
The MSCI Asia Pacific Index added 0.2 percent to 135.83 as of 11:25 a.m. in Tokyo, with about three shares rising for every two that fell. Seven of the 10 industry groups on the gauge advanced. The measure is heading for its first monthly decline in seven months after Japanese indexes entered a correction yesterday after reaching about five-year highs on May 22.
Japan’s Topix index rose 0.6 percent and the Nikkei 225 Stock Average gained 1.5 percent. Both gauges plunged more than 10 percent through yesterday from their May 22 high, entering what some investors define as a correction.
South Korea’s Kospi index added 0.5 percent, while Taiwan’s Taiex Index rose 0.6 percent. New Zealand’s NZX 50 Index climbed 0.9 percent and Australia’s S&P/ASX 200 Index swung between gains and losses. China’s Shanghai Composite Index slid 0.2 percent, while Hong Kong’s Hang Seng Index lost 0.3 percent. Singapore’s Traits Times Index fell 0.9 percent.
“It’s becoming unlikely that the Fed will hurriedly exit from stimulus,” said Juichi Wako, a Tokyo-based strategist at Nomura Securities Co., Japan’s biggest brokerage.
The MSCI Asia Pacific Index added 0.2 percent to 135.83 as of 11:25 a.m. in Tokyo, with about three shares rising for every two that fell. Seven of the 10 industry groups on the gauge advanced. The measure is heading for its first monthly decline in seven months after Japanese indexes entered a correction yesterday after reaching about five-year highs on May 22.
Japan’s Topix index rose 0.6 percent and the Nikkei 225 Stock Average gained 1.5 percent. Both gauges plunged more than 10 percent through yesterday from their May 22 high, entering what some investors define as a correction.
South Korea’s Kospi index added 0.5 percent, while Taiwan’s Taiex Index rose 0.6 percent. New Zealand’s NZX 50 Index climbed 0.9 percent and Australia’s S&P/ASX 200 Index swung between gains and losses. China’s Shanghai Composite Index slid 0.2 percent, while Hong Kong’s Hang Seng Index lost 0.3 percent. Singapore’s Traits Times Index fell 0.9 percent.
“It’s becoming unlikely that the Fed will hurriedly exit from stimulus,” said Juichi Wako, a Tokyo-based strategist at Nomura Securities Co., Japan’s biggest brokerage.
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