Nov 2 (Reuters) - Asian stocks scaled new 10-year peaks in October as strong third quarter results reinforced the region’s equities rally.
MSCI’s broadest index of Asia-Pacific shares surged more than 4 percent in October, its highest since January. The index also posted monthly gains so far this year.
Asian companies’ total profits for September quarter beat estimates by 9 percent so far, Thomson Reuters Eikon data showed.
Japanese shares led the monthly gains in the region, followed by India.
Prime Minister Shinzo Abe’s reelection bolstered Japan equities in the month, while Indian shares got a boost from higher earnings of blue-chip companies such as Reliance Industries and Tata Consultancy Services in the September quarter.
India’s $32 billion plan to recapitalise its state-run banks also spurred the banking stocks and helped its main indexes reach record highs last month.
Asia-Pacific markets performance Oct 2017: reut.rs/2z1P0M5
Asia-Pacific markets performance 2017: reut.rs/2h38p8q
Asia-Pacific equities valuations: reut.rs/2z52hDw (Reporting By Gaurav Dogra and Patturaja Murugaboopathy; Editing by Gopakumar Warrier)