ASIA PACIFIC

STOCKS rose yesterday, with the regional benchmark index heading for a four-day advance, after Chinese shares extended their rally as insurers led gains.

The MSCI Asia Pacific index added 0.4 percent to 141.28 as of 4.06pm in Hong Kong after rising 1.1 percent the past three trading days. The Shanghai Composite index climbed 1.4 percent to extend a threeyear high.

Shares of China Life Insurance surged at least 7 percent in Hong Kong and Shanghai amid optimism the recent interest rate cut will boost premiums. Power Assets rose 3.8 percent in Hong Kong.

Japan’s Topix slid 0.2 percent as the yen gained 0.2 percent to 117.72 a dollar after advancing 0.3 percent on Tuesday.

“We’ve got a mixed picture,” said Chris Weston, the chief market strategist at IG Markets in Melbourne, Australia. “We may see the market run out of steam at the moment, but a pullback will be a buying opportunity.” – Bloomberg