Asian stocks gained, lifting the MSCI Asia Pacific Index from a four-week low, as Oracle Corp. reported better-than-estimated profit and oil prices advanced. Hynix Semiconductor Inc., the world’s N
o. 2 maker of computer-memory chips, rose 2.6 percent in Seoul on optimism industry demand will pick up. Showa Shell Sekiyu KK, a refiner and solar-equipment maker, jumped 7.4 percent in Tokyo after saying it will build solar power plants in Saudi Arabia. Angang Steel Co. climbed 6.6 percent in Hong Kong on speculation a possible iron-ore discovery in China will cut production costs. The MSCI Asia Pacific Index added 0.8 percent to 100.41 as of 1:02 p.m. in Tokyo. The gauge sank 2.3 percent yesterday, paring its rally from a more than five-year low on March 9 to 41 percent. Optimism the global economy is recovering had driven valuations on the index to the highest since September. “We’re going through a period of reflection,” said Matt Riordan, who helps manage about $3.2 billion at Paradice Investment Management in Sydney. “People are trying to work out whether you’re likely to see the recovery continue, or whether things just got ahead of themselves.”
o. 2 maker of computer-memory chips, rose 2.6 percent in Seoul on optimism industry demand will pick up. Showa Shell Sekiyu KK, a refiner and solar-equipment maker, jumped 7.4 percent in Tokyo after saying it will build solar power plants in Saudi Arabia. Angang Steel Co. climbed 6.6 percent in Hong Kong on speculation a possible iron-ore discovery in China will cut production costs. The MSCI Asia Pacific Index added 0.8 percent to 100.41 as of 1:02 p.m. in Tokyo. The gauge sank 2.3 percent yesterday, paring its rally from a more than five-year low on March 9 to 41 percent. Optimism the global economy is recovering had driven valuations on the index to the highest since September. “We’re going through a period of reflection,” said Matt Riordan, who helps manage about $3.2 billion at Paradice Investment Management in Sydney. “People are trying to work out whether you’re likely to see the recovery continue, or whether things just got ahead of themselves.”
