Asian Stocks Rise as Japanese Shares Climb on Weaker Yen Asian stocks advanced, rebounding from a six-month low, as Japanese exporters gained as the yen weakened. Gains were limited as Chinese shares extended losses on concern a cash crunch will curb growth in the world’s second-largest economy. Honda Motor Co. added 0.7 percent, pacing gains among electronics makers and automotive companies as a weaker yen boosted the value of overseas income at Japanese exporters. Celltrion Inc. gained 3 percent after Singapore’s Temasek Holdings Pte. agreed to buy an extra 150 billion won ($129.7 million) of shares in the South Korean drug maker. Newcrest Mining Ltd. fell 2.2 percent after Australia’s biggest gold producer cut jobs at its Lihir mine in Papua New Guinea. The MSCI Asia Pacific Index gained 0.3 percent to 126.15 as of 11:38 a.m. in Tokyo, erasing earlier losses of 0.4 percent. Almost three shares rose for every two that fell on the measure. The gauge dropped 13 percent from this year’s high on May 20 through yesterday after Federal Reserve Chairman Ben S. Bernanke said last week the U.S. central bank may start dialing down its stimulus efforts if the economy achieves sustainable growth, and money market rates in China surged to record highs. “Global markets are taking off risk and will continue to be jittery until interbank rates in China stabilize,” said Ichiro Yamada, general manager of equities who helps manage the equivalent of $3 billion in stocks at Fukoku Mutual Life Insurance in Tokyo. “Japanese shares are falling along with other markets, but it’s also the most resilient market because it benefits from a stronger dollar.” bloomberg/news/2013-06-25/asian-stocks-drop-led-by-raw-material-producers-on-china.html
Posted on: Tue, 25 Jun 2013 03:21:25 +0000
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