Asia Stocks Recover From Biggest Weekly Drop Since August
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Asian stocks rose, with the regional benchmark gauge recovering from its biggest weekly drop in seven months, after Cyprus agreed to an international bailout and profit at China Petroleum & Chemical Corp. topped forecasts.
Sony Corp. gained 3.1 percent as the yen weakened, boosting the outlook at Japan’s No. 1 consumer-electronics exporter. Sinopec, as Asia’s biggest refiner is known, rose 2.7 percent after net income beat analyst estimates. Leighton Holdings Ltd. surged 4.3 percent as Australia’s largest construction company appointed Bob Humphris chairman after his predecessor resigned in a dispute with shareholder Hochtief AG over board independence.