Asian stocks rose to a 2-1/2-month peak on Tuesday, a day after Wall Street shares hit a record high thanks to a combination of upbeat U.S. data and expectations of more stimulus from global policymakers.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.6 percent to hit its highest level since late April.
"The rally is supported not so much by economic fundamentals as liquidity. The rally is likely to prove unsustainable and short-lived," said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank.
Japan's Nikkei averaged rallied on Tuesday as investors took heart from a sliding yen and hopes for fiscal stimulus that Tokyo is expected to launch.
Boosted by financials and exporters, the Nikkei share average rose 2.46 percent to 16,095.65, its highest close since June 23.
China stocks posted solid gains on Tuesday, shaking off a weak morning session as investors bought shares in the finance and manufacturing sectors.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.2 percent to 3,273.18 points, while the Shanghai Composite Index gained 1.8 percent to 3,049.38
Hong Kong shares finished up on Tuesday, joining a global equity rally after the U.S. benchmark S&P 500 hit a new high overnight.
The Hang Seng index rose 1.7 percent, to 21,224.74, while the China Enterprises Index gained 1.8 percent, to 8,855.31 points.
Reference: Reuters
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