Asian Stocks Rise on Greece Debt Deal; China Shares Fall
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Asian stocks rose for a fifth day after European finance ministers cut borrowing costs for Greece. Chinese shares fell, with the Shanghai Composite Index closing at a three-year low, even as the nation’s industrial profits accelerated.
CSL Ltd., Australia’s biggest drugmaker, surged 6.9 percent in Sydney to a record after saying it expects profit growth of about 20 percent. Tatts Group Ltd. jumped 2.8 percent after the lottery operator won a 40-year gaming contract in South Australia. China Rongsheng Heavy Industries Group Holdings Ltd. and Glorious Property Holdings Ltd. each fell more than 3 percent after billionaire Zhang Zhi Rong quit as chairman of the companies.