Asian stocks rose a third day, with the regional benchmark index extending a three-month high, on speculation central banks from the U.S. to China will take steps to boost growth and after companies including Chimei Innolux Corp. beat estimates.
Kawasaki Kisen Kaisha Ltd. paced gains among Japanese shipping lines, rising 3.6 percent, before a report tomorrow expected to show inflation slowing in China, making room for policy easing in the world’s biggest commodities market. Sumco Corp. and other chip-related companies advanced after Goldman Sachs Group Inc. boosted its outlook for the U.S. semiconductor industry. Chimei Innolux gained 7 percent in Taiwan after the display maker reported a smaller-than-expected loss.
The MSCI Asia Pacific Index gained 0.4 percent to 120.09 as of 7:36 p.m. in Tokyo, paring gains of as much as 0.9 percent amid speculation Japanese stocks have risen too far, too fast. More than three stocks rose for every two that fell on the measure, which has gained about 10 percent from this year’s low on June 4 as Europe eased the terms of Spain’s banking bailout and global central banks cut interest rates.