A Federal Reserve report on Wednesday said the US expanded at a "subpar" pace in April and May.
Wall Street's biggest bond-trading firms predict a cut of at least a quarter point in the benchmark overnight bank lending rate at the central bank's two-day policy meeting on June 24 and 25, a Bloomberg News survey showed.
Hynix and Samsung Electronics also gained after the spot price of the most widely used type of computer-memory chip had its biggest gain in more than three months on Thursday.
"The chipmakers' stock prices have risen on optimism that the higher chip price signals recovery of the industry," said Kim Tae Woo, who manages the equivalent of US$503 million at Mirae Asset Investment Management Co.
Posco, the world's fourth-largest steelmaker, added 8.6 percent to 126,000 won and was the third-biggest contributor to the Kospi's advance this week.
Meritz Securities Co and Dae-woo Securities Co raised their recommendations and target prices for Posco after the price of steel exported to China rose for the first time in 15 weeks last Friday.
The company also said this week it is seeking to raise prices of local steel plates used in shipbuilding.
In Hong Kong, Yue Yuen Industrial Holdings Ltd rallied for a fifth week, up 7.3 percent to HK$21.95.
The world's largest maker of branded footwear for clients including Nike Inc rose to a record on Tuesday after profit exceeded analysts' forecast and the company offered a special dividend. Yue Yuen began trading as a member of the Hang Seng on Monday.
Taiwan's TWSE Index ended its sixth week of gains 3 percent higher. It was its longest weekly winning streak since the eight weeks to Feb. 11, 2000.
The index that tracks the performance of computer-related stocks in the TWSE accounted for more than half the benchmark's advance in the week.
Acer Inc, the island's biggest maker of desktop computers, added 11 percent to NT$40.10, rising for a fifth week.
Acer said it plans to spin off its manufacturing arm, Wistron Corp, into a separately traded company in the third quarter. It also said earnings per share from its main business will double next year.
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