Asian Stocks Post Weekly Gain as China Pledges Stimulus
Industrial & Commercial Bank of China Ltd., the world’s second-biggest lender by market value, gained 3.9 percent in Hong Kong as Chinese Premier Li Keqiang said economic growth won’t fall below 7 percent. ZTE Corp., China’s second-largest maker of equipment for phone networks, surged 19 percent after reporting higher first-half profit. Canon Inc., the world’s biggest camera maker, sank 6.5 percent in Tokyo after cutting its profit forecast for this year.
Tokyo Stocks Tumble: On The Move Asia (7/26) 1:35:24 July 26 (Bloomberg) -- On today's "On The Move Asia," Bloomberg News investigates stocks and stories evolving around the world.
The MSCI Asia Pacific Excluding Japan Index added 1.9 percent to 447.69 this week as Chinese shares led gains. The benchmark MSCI Asia-Pacific Index, up 0.4 percent on the week, has fallen 6.2 percent from this year’s high on May 20 through July 26 amid signs China’s economy is slowing and on concern the Federal Reserve will start tapering monetary stimulus as the U.S. economy improves.
Li’s statement “helped to reassure investors,” Daphne Roth, Singapore-based head of Asia..