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Asian stocks rose, with the regional benchmark index headed for its highest close in seven months, as Chinese banks and insurers surged after a rule limiting insurers’ investments in commercial lenders was abolished and the country’s new leaders pledged to promote “urbanization.”
Nikkei 225 9,468.84 +36.38 +0.39%
S&P/ASX 200 4,520.4 +16.82 +0.37%
Shanghai Composite 2,031.91 +56.76 +2.87%
Industrial & Commercial Bank of China Ltd., the world’s biggest lender, gained 1.4 percent in Hong Kong.
Ping An Insurance Co. jumped 5.1 percent as HSBC Holdings Plc agreed to sell its stake in China’s second-largest insurer for $9.4 billion.Fast Retailing Co. gained 3 percent in Tokyo after Asia’s No. 1 apparel seller reported higher domestic sales at its Uniqlo chain.
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