STOCKS rose for a fifth day yesterday as the yen weakened amid signs policymakers in China and Japan will do more to support economic growth.
Almost two shares rose for each that fell on the MSCI Asia Pacific index, which added 0.2 percent to 141.65 points as of 4.05pm in Hong Kong. Japan’s Topix jumped to a six-year high amid speculation Prime Minister Shinzo Abe will go to the polls next month and delay the implementation of another sales tax hike. The People’s Bank of China is asking selected lenders to apply for cash to support loans to smaller enterprises, according to an official with knowledge of the matter.
Nissan Motor, which gets 78 percent of its revenue overseas, added 1.1 percent. China Taiping Insurance Holdings surged 11 percent in Hong Kong after reporting higher insurance premiums.
South Korea’s Kospi index slid 0.3 percent. The country’s central bank kept its key interest rate unchanged at a fouryear low. – Bloomberg