Asian Stocks Extend Rally; SoftBank Advances On Offer For Sprint

Bloomberg, (11/6) -- Asian stocks rose, with the regional equity benchmark extending the biggest gain in three weeks yesterday, as consumer shares advanced. SoftBank Corp. gained after Sprint Nextel Corp.’s board approved an increased takeover offer from the Japanese mobile carrier. Japan’s Topix index added 0.3 percent after surging the most in two years yesterday ahead of a Bank of Japan policy statement today.  The MSCI Asia Pacific Index added 0.2 percent to 131.99 as of 10:07 a.m. in Tokyo after falling less than 0.1 percent. The measure gained 1.1 percent yesterday, the biggest gain since May 20. Seven of the gauge’s 10 industry groups rose. “The BOJ’s press conference and monetary policy statement today have the chance to add stability to a currency and a market that have been in free-fall,” said Evan Lucas, a Melbourne-based markets strategist at trading-services provider IG Markets Ltd. Australia’s S&P/ASX 200 added 0.1 percent as the market reopened after a holiday. China’s equity market is shut for a holiday. New Zealand’s NZX 50 Index fell 0.1 percent. South Korea’s Kospi index lost 0.6 percent.

Written by: Kontak Perkasa Futures

PT.Kontak Perkasa Futures, Updated at: 8:45 AM