(Bloomberg) -- Toyota Motor Corp.’s biggest two-day rally since March 2020 propelled it firmly back into the list of Asia’s five-largest companies by market value, pulling away from Alibaba Group Holding Ltd. and Industrial & Commercial Bank of China Ltd.
The carmaker’s stock got a push this week after a briefing on its electric-vehicle strategy as well as its annual general meeting. It has also benefited from an inflow of foreign funds amid the ongoing rally in Japanese stocks, with Toyota up 29% this year while the benchmark Topix has jumped 21%.
“Toyota’s move and that of the whole market were a reminder that a classic Japanese bull market is something that is difficult to outperform,” analysts at Pelham Smithers wrote in a note.
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With the latest jump, Toyota’s stock is now closing in on Samsung Electronics Co. and Kweichow Moutai Co. in terms of size. Taiwan Semiconductor Manufacturing Co. and Tencent Holdings Ltd. retain firm grasps on the region’s top-two spots.
--With assistance from Tsuyoshi Inajima.
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