Asian stocks climbed, building on their biggest five-day advance in almost four years, as Samsung Electronics Co. jumped after quarterly profit topped estimates and investors awaited a Bank of Japan decision on monetary policy.
The MSCI Asia Pacific Index rose 0.2 percent to 129.23 as of 9:03 a.m. in Tokyo, as Samsung rallied 3.8 percent to provide the biggest boost to the regional gauge. The company posted third-quarter profit that beat analysts estimates as the weaker Korean currency boosted component revenue and blunted the impact of price cuts on Galaxy smartphones. Japan’s Topix index added 0.2 percent before BOJ board members and Governor Haruhiko Kuroda decide whether to expand already unprecedented monetary stimulus.
Thirty-four of 36 analysts forecast that the Japanese central bank will forgo further easing, with just two predicting a move, according to a Bloomberg survey. Fifteen are forecasting additional stimulus at the next meeting on Oct. 30.
Australia S&P/ASX 200 Index slid 0.4 percent and New Zealand’s S&P/NZX 50 Index was little changed. South Korea’s Kospi index rose 0.4 percent. Mainland Chinese markets remain closed for a holiday, while Hong Kong is yet to open.
Source : Bloomberg