Pursuits
Asian Stocks Rally as Kospi Approaches Record on Foreign Buying
- South Korea’s Kospi breaks out of six-year trading range
- Japan’s Topix Index boosted by automakers as yen declines
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Asian stocks rallied to a fresh 22-month high as Japanese stocks advanced for a second day, while South Korea’s Kospi index fell short of topping its record close six years ago.
The MSCI Asia Pacific Index extended last week’s gains, rising 0.4 percent to 150.04 as of 4:15 p.m. in Hong Kong after most markets reopened after the May Day holiday. That’s the highest intraday level since June 2015. Yamaha Corp. the top performer on the gauge, rose 17 percent after forecasting record operating profit. In Hong Kong, footwear retailer Belle International Holdings Ltd. closed 15 percent higher after getting a $6.8 billion buyout offer.