Strong dollar boosts Asian markets rally

Asian stocks advanced yesterday for a fourth day as the dollar's rebound and declining commodity prices bolstered auto makers and consumer-electronics manufacturers.

Sony Corp gained in Tokyo as the United States currency traded near a one-month high, boosting the value of dollar-denominated sales. Honda Motor Co rose after European car makers' results beat estimates.

Cathay Pacific Airways Ltd surged as oil traded near the lowest in seven weeks. Bridgestone Corp, the world's largest tire maker by sales, climbed after rubber prices fell.

The MSCI Asia Pacific Index gained 1.5 percent to 136.85 as of 7:04pm yesterday in Tokyo, its highest close since June 27.

The measure has jumped 6 percent this week, heading for its biggest weekly advance since the five days to August 24, when the US cut its discount lending rate.

About three stocks rose for each that declined, with eight of the index's 10 groups advancing. (People’s Daily)