Asian stocks rose, with the regional benchmark index heading for a fourth day of gains, as materials and health-care shares advanced, countering a decline in Japan’s Topix (TPX) index amid a stronger yen.
The MSCI Asia Pacific Index (MXAP) added 0.1 percent to 140.90 as of 9:03 a.m. in Tokyo after rising 1.1 percent the past three trading days. Japan’s Topix slid 0.3 percent as the yen gained 0.1 percent to 117.81 per dollar after advancing 0.3 percent yesterday. U.S. stocks slipped from a record as a drop in consumer confidence offset faster economic expansion.
“We’ve got a mixed picture,” said Chris Weston, chief market strategist at IG Markets Ltd. in Melbourne. “We may see the market run out of steam at the moment, but a pullback will be a buying opportunity.”
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