Technology Stocks Lead Gains in Asia Ahead of Yellen's ReportBy
Taiwan Semiconductor and Tencent provide biggest boost to MXAP
Yellen to Give Monetary Policy Report to Congress on Wednesday
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Asian stocks rose as technology shares led the advance for a second day ahead of comments later this week by U.S. Federal Reserve Chair Janet Yellen and earnings from some of the biggest companies in the world’s largest economy.
The MSCI Asia Pacific Index added 0.7 percent to 154.40 as of 4:37 p.m. in Hong Kong, extending its year-to-date advance to 14 percent, as all industry groups gained. Taiwan Semiconductor Manufacturing Co. and Tencent Holdings Ltd. gave the biggest boosts to the gauge. Japan’s Topix rose for a second day, while Hong Kong’s Hang Seng Index climbed the most among the region’s main gauges.
“Yellen’s speech is expected to provide additional positive sentiment for the
market and investors are also betting that corporate earnings will improve,” said Margaret Yang, a strategist at CMC Markets in Singapore. “The rally in Asia is also driven by flows from the mainland into Hong Kong equities as valuations of Hong Kong stocks are relatively cheaper than other major markets globally.”
Yellen gives the Fed’s semi-annual Monetary Policy Report to Congress on Wednesday, while PepsiCo Inc., JPMorgan Chase & Co. and Citigroup Inc. are among U.S. companies scheduled to report earnings this week.
- Topix +0.7%, Nikkei 225 +0.6%
- Hang Seng Index +1.5%, Hang Seng China Enterprises Index +2%, Shanghai Composite Index -0.3% Taiex +1.2%
- Australia’s S&P/ASX 200 Index +0.1%, New Zealand’s NZX 50 +0.6%
- Kospi +0.6%, Kospi 200 +0.7%
- Straits Times Index -0.9%, FTSE Bursa Malaysia KLCI Index -0.1%, Philippine Stock Exchange PSEi Index +0.3%, Vietnam’s VN Index -0.4%, Jakarta Composite Index little changed, Thailand’s SET Index -0.1%
- India’s Sensex +0.4%, NSE Nifty 50 Index +0.5% to records
- Pakistan’s Karachi 100 index -4.6%, most since Aug. 2011