Asian stocks advanced, driving the MSCI Asia Pacific Index to the highest level since September, on speculation improving corporate earnings will exte

Asian stocks advanced, driving the MSCI Asia Pacific Index to the highest level since September, on speculation improving corporate earnings will extend a five- month rally in equities.

Mitsubishi Corp., which gets more than a third of its sales from resources, climbed 3.5 percent after metal prices rose. Yanzhou Coal Mining Co. rallied 4.5 percent in Shanghai after agreeing to buy Felix Resources Ltd. Leighton Holdings Ltd., Australia’s biggest construction company, surged 7.1 percent after forecasting higher earnings. Trading company Li & Fung Ltd. gained 7.7 percent in Hong Kong on better-than-estimated profit.

“Potential earnings estimate upgrades will help support a bull run in equities as long as interest rates remain low,” said Khiem Do, head of the multi-asset group at Baring Asset Management (Asia) Ltd., which holds $7 billion of assets.

The MSCI Asia Pacific Index rose 0.5 percent to 113.93 as of 1:43 p.m. in Tokyo, on course for its highest close since Sept. 25. The gauge has gained 61 percent from a more than five- year low on March 9 amid speculation the global economy is recovering. The measure added 2.7 percent this week.

Japan’s Nikkei 225 Stock Average added 0.9 percent to 10,607.42. Australia’s S&P/ASX 200 Index climbed 0.6 percent, while South Korea’s Kospi Index advanced 1.4 percent.

Hong Kong’s Hang Seng Index slipped 0.8 percent. China’s Shanghai Composite Index sank 2.4 percent, set for the biggest weekly decline since February, amid concern its 68 percent rally this year had overvalued earnings prospects.