Le Asian bags rose and the regional index reached a 16-week high driven by the optimism of the markets who believe that central banks will maintain their monetary policies in order to stimulate growth.
On the corporate front, Brambles, a support services company that gets about half of its revenue in the United States, gained 0,6 percent. Hyundai Motor, South Korea's top automaker, advanced 2,6% after a major deal with unions. Meanwhile, South Korean chemical maker OCI fell 5,2% to head to a five-year low after a customer canceled a $1,3 billion order.
The MSCI Asia Pacific Excluding Japan index gained 0,2% to 476.68 as of 10:29 am in Sydney. The measure rose 2% last week, marking the biggest gain since January 4. The US central bank will begin a two-day strategy meeting after the latest data from Washington showed the world's largest economy expanding less than expected.
“It's a good time for equities,” said Steve Brice, chief investment strategist at Standard Chartered in Singapore. "The authorities are determined to support the economies." Australia's S&P/ASX 200 was up 0,5%, South Korea's Kospi slipped 0,2% and New Zealand's NZX 50 was up 0,5%.
http://www.bloomberg.com/news/2013-04-29/asian-stocks-rise-on-central-bank-policy-optimism.html
