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Asian stocks rose as technology shares led the advance for a second day ahead of comments later this week by U.S. Federal Reserve Chair Janet Yellen and earnings from some of the biggest companies in the world’s largest economy.
The MSCI Asia Pacific Index added 0.4 percent to 153.99 as of 10:56 a.m. in Hong Kong, extending its year-to-date advance to 14 percent, as all industry groups gained. Taiwan Semiconductor Manufacturing Co. and Tencent Holdings Ltd. gave the biggest boosts to the gauge. Japan’s Topix rose for a second day, while Hong Kong’s Hang Seng Index climbed the most among the region’s main gauges.
“Yellen’s speech is expected to provide additional positive sentiment for the
market and investors are also betting that corporate earnings will improve,” said Margaret Yang, a strategist at CMC Markets in Singapore. “The rally in Asia is also driven by flows from the mainland into Hong Kong equities as valuations of Hong Kong stocks are relatively cheaper than other major markets globally.”
Yellen gives the Fed’s semi-annual Monetary Policy Report to Congress on Wednesday, while PepsiCo Inc., JPMorgan Chase & Co. and Citigroup Inc. are among U.S. companies scheduled to report earnings this week.