Financial stocks lead advance in Asian markets

Taipei Times
Date: Oct 18, 2015
By: Bloomberg

Asian stocks on Friday followed US shares higher, with the regional benchmark index rising to an eight-week high, as financial companies led gains.

Industrial and Commercial Bank of China (中國工商銀行) rose 0.8 percent in Hong Kong, pacing gains among Chinese lenders, as data showed the nation’s broadest measure of new credit exceeded estimates. AIA Group, the third-most valuable Asia-based insurer, climbed 3.4 percent in Hong Kong after its quarterly new business value beat analyst estimates.

Fortescue Metals Group rose 4.8 percent in Sydney after Australia’s third-largest iron ore producer vowed to reward shareholders with dividends even while it seeks to trim debt and rivals slash payouts.

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