Asian Shares Rebound as SoftBank Rises to Three-Year High
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Asian equities reversed an earlier decline in a thin trading, led by gains in telecommunication shares. SoftBank Group Corp. paced a rebound in Japanese shares, jumping to a three-year high.
The MSCI Asia Pacific Index rose 0.1 percent to 152.80 as of 4:45 p.m. in Hong Kong. SoftBank shares jumped 2.8 percent in Tokyo to their highest close since January 2014 after JPMorgan Chase & Co. raised its target price. Tokyo’s Topix gained 0.2 percent, erasing a drop of as much as 0.5 percent. The yen strengthened for a third day. Samsung Electronics Co. fell 2.2 percent, leading declines among technology companies.