Asian stocks rose, with the benchmark regional index climbing for the first time in four days, as the yen weakened against the dollar, boosting the earnings outlook for Japanese exporters.
Glorious Property Holdings Ltd. soared by a record 33 percent in Hong Kong after Chinese billionaire Zhang Zhirong offered as much as HK$4.57 billion ($589 million) to take the real-estate developer private.
The MSCI Asia Pacific Index 0.5 percent to 141.74 as of 11:26 a.m. in Hong Kong, with seven of the 10 industry groups on the gauge climbing. The measure advanced 9 percent this year through yesterday as investors bet the Federal Reserve will continue monthly bond buying into 2014. It is up 0.1 percent this week.
The MCSI Asia Pacific Index traded at 13.8 times estimated earnings, compared with 16.2 on the S&P 500 and 15.1 for the Stoxx Europe 600 Index.
Japan’s Topix index advanced 0.8 percent as the yen declined to 101.22 per dollar, weakening past 101 for the first time since July. The Nikkei 225 Stock Average rose 1.2 percent. Bank of Japan Governor Haruhiko Kuroda said in parliament today in Tokyo that the yen isn’t “excessively weak.” The central bank yesterday maintained its unprecedented monetary policy.(Bloomberg)