Most Asian stocks rise as Japanese shares rebound on weak yen

Most Asian stocks rise as Japanese shares rebound on weak yen
Business & Markets 2013
Written by Bloomberg
Tuesday, 30 July 2013 08:54

(July 30): Most Asian stocks rose, with Japan’s Topix index heading for its first advance in five days as the yen weakened, offsetting a bigger-than-estimated decline in Japanese factory output.

Toyota Motor Corp. climbed 1.7 percent, leading Japanese exporters higher as the yen’s weakness boost the outlook for overseas income. Tokyo Electric Power Co. advanced 7.2 percent, pacing gains among utilities. Futures on the Hang Seng Index and those for the Hang Seng China Enterprises Index of mainland companies traded in Hong Kong both fell 0.1 percent.

The MSCI Asia Pacific Index rose 0.1 percent to 133.32 as of 9:33 a.m. Tokyo time, with about three shares rising for every two that fell. Japan’s Topix index last week posted its biggest decline in more than a month as earnings from Advantest Corp. and JFE Holdings Inc. disappointed and the yen gained.

The Topix gained 0.6 percent, while the broader Nikkei 225 Stock Average rose 0.3 percent. Australia’s S&P/ASX 200 Index slipped 0.2 percent and New Zealand’s NZX 50 Index dropped 0.3 percent. Markets in China and Hong Kong have yet to open.

The Asia-Pacific gauge fell 7.8 percent through yesterday from this year’s high on May 20 amid signs China’s economic slowdown is deepening and on concern the Federal Reserve will start tapering monetary stimulus. Shares on the gauge traded at 12.9 times estimated earnings as of yesterday, compared with 15.3 times for the Standard & Poor’s 500 Index and 13.5 times for the Stoxx Europe 600 Index.