Asian Stocks Follow U.S. Rebound as Earnings Boost Japan
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Asian stocks rose, with the regional benchmark index rebounding from its biggest slump since June, after U.S. shares advanced and Japanese companies posted earnings that cheered investors.
Panasonic Corp. surged 19 percent, its largest gain in almost 40 years of trading, after Japan’s biggest consumer-electronics maker posted third-quarter profit that beat analyst estimates. Hyundai Development Co-Engineering & Construction gained 8.2 percent in Seoul after the homebuilder’s rating was raised at KTB Securities Co. Taiwan Semiconductor Manufacturing Co. sank 4.3 percent as markets reopened in Taipei after the Lunar New Year holiday.