China Mobile, the nation's largest mobile-phone operator, was the Hang Seng's best performer, jumping 11 percent this week.
Sinopec Yizheng, China's top synthetic fiber maker, rallied 37 percent in the five days just ended. The company said Thursday it expects that profit in the first nine months of this year jumped by more than 50 percent as demand pushed up sales.
"China's domestic consumption is strong and intact," said Aaron Pong, who helps manage about US$200 million in Asian stocks excluding Japan as a director at RBC Investment Management (Asia) Ltd in Hong Kong. Interest in Chinese shares "is still very strong. As long as the liquidity is there, we are happy to sit on our position and trim it as the rally continues."
Malaysia's Kuala Lumpur Composite Index climbed 6.8 percent this week to 790.66, its biggest weekly gain in almost three years. S&P on Wednesday raised Malaysia one level to A-, the fourth-lowest investment grade, on par with South Korea.
Indonesia's Jakarta Composite Index added 3.7 percent this week to 644.818, its fourth straight week of gains. PT Bank Mandiri, Indonesia's biggest lender by assets, rallied 5.7 percent this week. Thailand's SET Index rose 4.3 percent to 582.15. Bangkok Bank Pcl, the nation's biggest lender by assets, jumped 10 percent to 80 baht this week.
Indonesia's long-term foreign-currency rating was raised one level to B, five levels below investment grade and the same as Pakistan. Thailand's rating was raised to BBB, two levels above junk.
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