Asian stocks rise on earnings before fed meeting ends: Bloomberg

30.10.2013 15:15
Asian stocks rise on earnings before fed meeting ends: Bloomberg

YEREVAN, October 30. /ARKA/. Asian stocks rose, driving the regional benchmark index toward the biggest back-to-back monthly advance since February 2012, after profit climbed at Daiwa Securities Group Inc. (8601) and China Petroleum & Chemical Corp.

Daiwa, Japan’s second-largest brokerage, advanced 3.8 percent. FKP Property Group gained 4 percent after a shareholder sold shares in the Australian real-estate firm for a higher price than yesterday’s close. China Petroleum & Chemical, known as Sinopec, climbed 2 percent in Hong Kong after third-quarter profit surged 20 percent, beating estimates.

The MSCI Asia Pacific Index gained 0.6 percent to 142.93 as of 3:22 p.m. in Tokyo, with all 10 industry groups on the gauge climbing. The Federal Reserve will maintain its $85 billion-a-month in bond purchases when it concludes a two-day policy meeting today, according to economists’ forecasts.

“Company earnings will grow,” said Wellian Wiranto, a Singapore-based investment strategist at the wealth-management unit of Barclays Plc, which oversees about $217 billion worldwide.

“Asian companies will benefit from the region’s robust medium-term economic growth. The Fed is likely to wait until at least March next year before embarking on that journey, leaving more breathing space for global markets.” –0—

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