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Asian stocks rise first time in 3 days as tech shares climb
[SINGAPORE] Asian stocks climbed, with the regional benchmark index heading for its first advance in three days, as technology and phone shares advanced.
The MSCI Asia Pacific Index rose 1.2 per cent to 133.04 as of 9.47 am in Hong Kong. The gauge slipped in the past two days, while the Shanghai Composite Index dropped for the first time in six days on Wednesday after data showed Chinese factory- gate prices matched their biggest slump since the global financial crisis, underscoring headwinds for the world's second- largest economy.
"Stimulus hopes are putting a pause to the correction that we've seen this week," said Audrey Goh, an investment strategist at Standard Chartered Plc in Singapore. "We're expecting more stimulus from China since external demand is quite weak and domestic consumption has been decelerating. China could increase stimulus by increasing their fiscal spending." Japan's Topix index rose 0.8 per cent, reversing earlier losses of as much as 0.6 per cent as the yen headed for its first decline against the dollar in four days. South Korea's Kospi index climbed 1.1 per cent after the nation's central bank kept its key interest rate unchanged for a fourth month as it weighs a pickup in domestic activity against a continued slump in exports.
Hong Kong's Hang Seng Index gained 0.8 per cent. Taiwan's Taiex index climbed 1.5 per cent, while Singapore's Straits Times Index rose 0.7 per cent. Australia's S&P/ASX 200 Index added 0.3 per cent and New Zealand's S&P/NZX 50 Index advanced 0.3 per cent. China's Shanghai Composite Index increased 0.3 per cent.