Image via WikipediaChinese stocks will extend gains as investors increase purchases in a market that lagged behind in the recent rally, Mark Mobius, who oversees about $40 billion as chairman of Templeton Asset Management Ltd.’s emerging markets group, said yesterday. Valuations aren’t “excessive” and the flow of funds into Asia is “sustainable,” he said.
The won rose to 1,119.20 per dollar after the Fed minutes boosted appetite for higher-yielding regional assets. Taiwan’s dollar gained 0.8 percent to NT$30.81, according to Taipei Forex Inc. The Philippine peso rose 0.5 percent to 43.43 and the Thai baht advanced 0.5 percent to 29.83 after touching a 13-year high.