By Sarah Turner, MarketWatch
HONG KONG (MarketWatch) — Asian stocks advanced Wednesday as overseas economic data sparked buying in the region’s exporters, with South Korean shares outperforming the rest of the region.
South Korea’s Kospi KR:SEU +1.95% jumped 2% to 2,024.64 for its best percentage gain so far in 2013. The benchmark, among Asia’s worst performers in recent weeks, turned positive in the year to date following Wednesday’s rally.
Japan’s Nikkei Stock Average JP:100000018 +0.84% rose 0.8%, Australia’s S&P/ASX 200 AU:XJO +0.33% added 0.3%, Hong Kong’s Hang Seng Index HK:HSI +0.71% gained 0.7%, China’s Shanghai Composite CN:000001 +0.60% CN:000001 +0.60% advanced 0.6% and Taiwan’s Taiex XX:Y9999 +0.86% rose 0.9%.
Why China is worth the investment
Despite hacking and other troubling issues in China, foreign companies need to be there due to the country's innovation and infrastructure, says General Electric Vice Chairman John Rice.
The strong region-wide performance followed a higher finish on Wall Street Tuesday, when merger-and-acquisition speculation, and hopes for improved economic prospects in Europe spurred U.S. stocks. Read: Staples wins if Office Depot, OfficeMax merge.
