Toyota Rally Pushes It Into List of Asia’s Five Biggest Stocks
- Automaker climbs past Alibaba, ICBC in terms of market value
- Kweichow Moutai, Samsung Electronics now in Toyota’s sights
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Toyota Motor Corp.’s sizzling rally this week has propelled it back into the list of Asia’s five-largest companies by market value, charging ahead of Alibaba Group Holding Ltd. and Industrial & Commercial Bank of China Ltd.
The carmaker’s stock got a 13% push, buoyed by a briefing on its electric-vehicle strategy as well as its annual general meeting. It has also benefited from an inflow of foreign funds amid the ongoing rally in Japanese stocks, with Toyota up 28% this year while the benchmark Topix has jumped 21%.