Asian stocks rose for a third day, with the regional benchmark index extending an 18-month high, amid signs the world economy is recovering.
South Korea’s Kospi Index led benchmark gauges higher after Bank of Korea Governor Kim Choong Soo said the global economic outlook is improving. Canon Inc., Japan’s biggest camera maker, rose 2.1 percent after its investment rating was boosted at Credit Suisse AG. Woodside Petroleum Ltd., Australia’s second- biggest oil and gas producer, added 2.8 percent after full-year profit almost doubled. BHP Billiton Ltd., the world’s largest mining company, fell 1.1 percent in Sydney after reporting a 58 percent drop in first-half profit.
The MSCI Asia Pacific Index added 0.8 percent to 135.14 as of 12:51 p.m. in Tokyo after closing yesterday at the highest level since August 2011. More than two stocks climbed for each that fell. The gauge is headed for a third-day of gains, the longest winning streak since Jan. 4.
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