Asian Stocks Pare Weekly Loss as Phone, Materials Shares Climb
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Asian stocks rose a second day, with the regional benchmark paring its weekly drop, after the Standard & Poor’s 500 Index erased its 2015 loss on global stimulus optimism. Communications and materials shares led gains.
China Unicom Hong Kong Ltd. jumped 5.3 percent after Macquarie Group Ltd. raised its rating for the nation’s second-largest wireless carrier. BHP Billiton Ltd., the world’s biggest miner and Australia’s top oil producer, advanced 2.8 percent as metals and crude rose. LG Chem Ltd. surged 6.3 percent in Seoul on a report it will supply batteries for Hyundai Motor Co.’s electric cars. Infosys Ltd. gained 4.9 percent after the Indian software company’s earnings beat estimates on more orders.