Asian Stocks Extend Rally as Yellen Fuels Investor ConfidenceBy
MXAP Index set for longest streak of gains since April
South Korea’s Kospi trades at record high as Samsung surges
Asian equities extended gains, making it the longest winning streak since April after Federal Reserve Chair Janet Yellen signaled there’ll be no rush to tighten monetary policy in the world’s largest economy.
The MSCI Asia Pacific Index rose 0.7 percent to 156.35 as of 4:47 p.m. in Hong Kong, set for its longest stretch of gains since April 27. All industry groups advanced, with Samsung Electronics Co. helping push South Korea’s Kospi to another record high. Australia’s benchmark gauge gained 1.1 percent, erasing Wednesday’s decline.
“Yellen’s remarks provide additional confirmation on the global economic recovery,” said Jeffrosenberg Tan, head of strategy at PT Sinarmas Sekuritas in Jakarta. Yellen said the U.S. economy should continue to expand over the next few years, allowing interest rates to continue to rise, while also stressing the Fed is monitoring too-low inflation.
- Topix index, Nikkei 225 index little changed
- Topix Little Changed as Investors Weigh Easy Fed Policy and Yen
- Hang Seng Index +1.2%, Hang Seng China Enterprises Index +1.5%, Shanghai Composite Index +0.6%, Taiex +0.4%
- Australia’s S&P/ASX 200 Index +1.1%, New Zealand’s NZX 50 +0.3%
- Treasury Wine Gains as Morgan Stanley Suggests Buying Shares
- Kospi +0.7%, Kospi 200 Index +0.9% to record highs
- Straits Times Index +0.6%, FTSE Bursa Malaysia KLCI Index -0.3%, Philippine Stock Exchange PSEi Index little changed, Indonesia’s Jakarta Composite Index -0.1%
- India’s Sensex +0.8%, NSE Nifty 50 Index +0.8% to records