Hong Kong Leads Asian Equities Higher

Asian stocks advanced, with the regional benchmark index on course for its highest close in six years, as investors bet rising tensions in Ukraine over the shooting down of a jetliner won’t curb global economic growth.

Aluminum Corp. of China Ltd., the nation’s biggest producer of the metal, jumped 6.2 percent as mainland stocks listed in Hong Kong led gains. All 10 industry groups on the regional gauge rose. Kangwon Land Inc., a South Korean casino and hotel services provider, surged 4.2 percent. Oriental Land Co. slipped 1.6 percent after the Nikkei reported profit at the operator of Tokyo’s Disney resort will fall.

The MSCI Asia Pacific Index (MXAP) gained 0.6 percent to 147.75 as of 2:19 p.m. in Hong Kong, set for the highest close since June 2008. More than two shares climbed for each that fell. European Union foreign ministers meet today over whether to extend penalties against Russia amid outrage over the downing of Malaysia Airlines flight MH17 over Ukraine.

Bloomberg

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