Asian stocks rose, with the regional gauge set for a two-week high, after Greek lawmakers passed a bailout agreement and investors weighed comments from Federal Reserve Chair Janet Yellen on the timing of rate increases.
Mitsubishi Chemical Holdings Corp. jumped 5.3 percent in Tokyo after saying it’s considering merging three units. China Overseas Land & Investment Ltd. climbed 4.3 percent, pacing gains among Chinese developers in Hong Kong, after reporting an increase in home sales for June. Daewoo Shipbuilding & Marine Engineering Co. dropped 6.5 percent in Seoul after Shinyoung Securities Co. downgraded its rating on the world’s second-largest shipbuilder.
The MSCI Asia Pacific Index gained 0.5 percent to 144.23 as of 4:03 p.m. in Hong Kong, heading for the highest close since July 3. Greece’s vote puts the onus on the ECB and other euro-region governments to deploy more emergency funds that will help Greek banks re-open. The new austerity measures are a precondition for as much as 86 billion euros ($ 94 billion) in aid. Yellen was upbeat on the economy and repeated that the Fed will probably raise its main interest rate this year.