Asian Stocks Advance as Stimulus Hopes Buoy Japanese Shares
- Hong Kong shares erase 2016 losses to enter bull market
- Malaysian equities decline amid alleged fraud at state fund
Asian stocks rose toward their highest closing level since November as expectations for a stimulus package lifted Japanese shares and better-than-anticipated corporate earnings in the U.S. eased concerns over global growth. Shares in Hong Kong entered a bull market.
The MSCI Asia Pacific Index gained 0.5 percent to 134.50 as of 4:05 p.m. in Hong Kong. Japan’s Topix index advanced 0.6 percent, resuming a rally after snapping a six-day advance on Wednesday. Japan’s government is considering 20 trillion yen ($187 billion) of stimulus, almost double its previous plan, to counter the possible effects of the U.K.’s decision to leave the European Union, Kyodo News reported, citing people close to the matter. Malaysian shares were the worst performers in the region as alleged fraud at a state investment fund returned to the spotlight.