Hong Kong's Hang Seng Index advanced for a sixth week, adding 2.2 percent to its highest since Jan. 16. It was the index's longest weekly winning streak since Dec. 1999.
Li & Fung Ltd, which buys garments for US companies such as American Eagle Outfitters Inc, added 3.1 percent to HK$9.95.
Esprit Holdings Ltd, a fashion retailer that last year bought the US and Caribbean rights to the Esprit brand, jumped 4.6 percent to HK$17.25.
The Philippines key index soared 18 percent in the five days to Jan. 26, 2001. Gloria Arroyo replaced Joseph Estrada as president the previous weekend, raising hopes she would help boost one of Asia's slowest growing economies at the time.
Bank of the Philippine Islands, the nation's second-largest lender by assets, surged 23 percent to 45.50 pesos this week.
Ayala Land Inc, owner of the nation's largest developer and second-largest banking and phone companies, jumped 14 percent to 5.70 pesos.
"The thinking is that the economy is very strong and that could trickle to corporate earnings," said Spencer Yap, an analyst at BPI Securities Corp in Manila.
The Philippines' economy grew 4.5 percent in the first quarter from a year ago, exceeding the average 4.3 percent forecast of 12 analysts in a Bloomberg News survey.
Singapore Airlines, Asia's largest carrier by market value, rose 9.4 percent this week to S$10.50. The airline said it will start adding capacity in the weeks ahead as the threat of SARS recedes.
Asian carriers, which cut more than 1,150 weekly flights as demand slumped because of SARS, said this week bookings were improving and they will start reinstating some of the flights.
Cathay Pacific, Hong Kong's only long-haul airline, climbed 6.6 percent to HK$10.50, the highest since March 27 when the epidemic was gathering pace. The airline said passenger numbers will return to pre-SARS levels by the end of the year "at the earliest" as the spread of the virus recedes Asia.
Air New Zealand Ltd, the country's biggest airline, rallied 11 percent to US$0.52 this week. EVA Airways Ltd, Taiwan's second-largest carrier, advanced 5.8 percent to NT$12.70, its third weekly gain.
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