Asian Stocks Rise Fourth Week on Commodities; China Shares Slide
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Asian stocks rose, with the regional benchmark gauge on course for a fourth weekly gain, as energy and materials companies climbed. Chinese equities dropped as regulators increased the pace of initial public offerings.
BHP Billiton Ltd. advanced 3.2 percent in Sydney as iron-ore prices surged after the miner curbed growth plans. Oil explorer Inpex Corp. added 1.3 percent in Tokyo as crude headed for a six-week advance. TDK Corp., an electronics maker that gets most its sales overseas, dropped 2.2 percent as the yen rose on disappointing U.S. data. Citic Securities Co. lost 3.9 percent in Shanghai amid concern new equity sales will divert funds from existing stocks.