Asian stocks advanced, paring the regional measure’s annual retreat, as energy companies led gains after crude prices rose.
The MSCI Asia Pacific Index added 0.4 percent to 132.36 as of 9:09 a.m. in Tokyo, following a jump in U.S. equities. Australia’s S&P/ASX 200 Index rose for a ninth straight day, heading for the longest winning streak since February.
The Asian equity gauge is headed for a 4 percent drop for the year, led by Singapore’s Noble Group Ltd. and Macau gaming companies. After outperforming global shares in the first six months of the year, Asian equities slid in the second half as China’s surprise yuan devaluation and concern about the Federal Reserve’s interest-rate outlook curbed investor appetite for the region’s stocks. The measure has steadied in December, poised for a 0.4 percent gain.
Japan’s Topix index rose 0.5 percent on the measure’s last trading day of the year. South Korea’s Kospi index added 0.2 percent. Australia’s S&P/ASX 200 Index rallied 0.9 percent and New Zealand’s S&P/NZX 50 Index increased 0.6 percent.
In Hong Kong, futures on the Hang Seng Index added 0.2 percent in most recent trading, while contracts on the Hang Seng China Enterprises Index were little changed.
Futures on the Standard & Poor’s 500 Index slipped less than 0.1 percent. The underlying U.S. equity gauge climbed 1.1 percent on Tuesday as West Texas Intermediate crude jumped 2.9 percent.
A decline by the MSCI Asia Pacific Index this year would be the measure’s first back-to-back yearly loss since 2002. Shares on the gauge trade at 13.9 times estimated earnings, compared with 17.7 times for the Standard & Poor’s 500 Index and 16.1 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.
Source : Bloomberg