Alibaba Group Holding Ltd.: SoftBank Corp. 9984 , which owns about 37 percent of Alibaba Group Holding Ltd., surged 8.5 percent in Tokyo after Alibaba posted its fifth straight gain in quarterly profit. Phone companies climbed the most of the 10 industry groups on the benchmark regional gauge. Yahoo Japan Corp. advanced 4.3 percent. Iluka Resources Ltd. slumped 6.8 percent in Sydney after zircon output missed estimates, according to Bloomberg. The Asia Pacific Index added 0.9 percent to 138.38 at 6:23 p.m. in Hong Kong, with all 10 industry groups rising. The measure closed yesterday at its lowest in two weeks, taking its loss this year to 2.9 percent and Asian stocks rose for the first time in four days amid a rally in telecommunication shares and as investors weighed prospects for stimulus after China s economic growth slowed to the weakest pace in six quarters. Investors are slightly more positive after this set of Chinese data, Peter Esho, Sydney-based chief market analyst at Invast Securities Co., said by phone. The big thing is that theres an absence of real negative news. The wildcard is still that the Chinese announce some form of stimulus in the next couple of weeks.
(news.financializer.com). As
reported in the news.
Tagged under Asia Pacific Index, SoftBank Corp. topics.