Asian stocks edged higher Tuesday with analysts predicting biggest gains in nine weeks ahead of , US Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy.Zijin Mining Group, China’s biggest gold producer, jumped 6.2% in Hong Kong as the bullion’s price headed for the longest rally since August, according to reports.
Australia & New Zealand Banking Group Ltd., Australia’s third-largest bank by market value, added 2.2% after posting a 13%nt jump in first-quarter cash profit.The MSCI Asia Pacific excluding Japan Index advanced 1.1% to 449.36 as of 1:30 p.m. in Hong Kong.
The regional gauge has climbed 3.3% from a five-month low on February 5 as equities rebounded from a global rout.
Yellen will speak on monetary policy and the outlook for the economy today for the first time since being sworn in as the central bank’s head. Japanese markets are closed for a holiday.In Mumbai, the S&P Bombay Stock Exchange Sensex pared some of its gains in early morning trading and continued positive Tuesday. A Group scrips Tata Motors, Infosys, ICICI bank and TCS led the bourse’ gains. Tata Motors climbed 2.9% in Mumbai after India’s largest automaker posted third-quarter profit that beat analyst estimates.At 12pm (IST) the 30-share index was at 20,400.43 up 66.16 points +0.33%. It touched a high of 20,443.35 and a low of 20,353.41 in trade today.India’s second bourse, the National Stock Exchange’s Nifty was at 6,066.95, up 13.50 points or 0.22% at 12.25pm IST. It touched a high of 6,080.05 and a low of 6,053.25 in trade today. From a total of 1643 companies, 651 advanced and 668 declined while 324 remained unchanged at mid-day mark.On Monday, US stocks rallied for a third consecutive day Monday ahead Yellen ‘s first testimony in Congress as head of the Federal Reserve.The Dow Jones Industrial Average rose 7.71 points, or 0.05%, to 15,801.79. The S&P 500 advanced 2.82 points, or 0.16%, to 1,799.84. The Nasdaq Composite Index climbed 22.31 points, or 0.54 percent, to 4,148.17.The major indices closed at session highs, with the S&P 500 and the Nasdaq rising to the highest in over two weeks.