Asian Stocks Rise on Telcos as Investors Weigh China Data
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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.
SoftBank Corp., 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.