Japan's Topix stock index rose for the first week in three. Retailers such as Ito-Yokado Co gained after a government report showed service industries expanded more than economists forecast in June.
The services report "points to companies efforts to turn around their business as well as a gradual pickup in consumption," said Akio Yoshino, who helps manage the equivalent of US$15 billion at Societe Generale Asset Management (Japan) Co.
Both the TOPIX and the NIKKEI 225 Stock Average had their first weekly advances in three, each gaining 1.2 percent in Tokyo. The Bloomberg World Asia-Pacific Index, which tracks the performance of more than 1,400 stocks in the region, rose 2.8 percent in the past five days, its first weekly increase in eight.
Japan's KDDI Corp slumped after its bigger rival NTT DoCoMo Inc said it will introduce lower-priced versions of its high-speed mobile phones.
Elsewhere, Taiwan's TAIEX index rose 4.3 percent this week, its biggest advance since the five days ended April 2. Government-controlled companies such as First Financial Holding Co rose after the Commercial Times reported the government is halting sales of shares it owns in companies.
Stock benchmarks rose in Australia, the Philippines and Shanghai, while all others declined.
Ito-Yokado, Japan's second-largest retailer, added 1.8 percent to ¥3,950. Aeon Co, which overtook Ito-Yokado to become the No. 1 retailer last fiscal year, climbed 0.8 percent to ¥1,793.
The tertiary index, a measure of demand for services, rose 0.8 percent in June from May, the Ministry of Economy, Trade and Industry said in Tokyo. The median estimate of 31 economists surveyed by Bloomberg News was for a 0.4 percent increase.
Daiei Inc, a Japanese retailer seeking to cut about US$10 billion of debt, was offered at ¥243, 11 percent lower than the last traded price of ¥273 at the morning close.
The stock was suspended from trading for two hours after the midday break after Jiji Press reported that creditors will ask the state bailout agency to invest 100 billion yen in Daiei. The company said nothing has been decided on its restructuring plan.
TAIEX
Taiwan's First Financial, which is 40 percent owned by the government, rose 1.4 percent to NT$22.60.
The government is halting sales of stocks, complying with a resolution passed by parliament, the Commercial Times reported, citing Cheng Yu-po, deputy director-general of the Department of National Treasury.
"The plan to halt sales of government-held shares shows the government's desire to extend the market's advance," said Kevin Lin, who manages the equivalent of US$60 million at Shinkong Investment Trust Co in Taipei.
KOSPI
The KOSPI index in South Korea, which imports all its oil, dropped 0.1 percent to 787.64 on Friday.
Crude rose to a record and the central bank said the economy grew at its slowest pace in a year in the second quarter. Korean Air Co fell.
Korean Air, the nation's largest air carrier, shed 3.1 percent to 15,500 won. Korea Electric Power Corp, which spends more than a quarter of its fuel budget on oil to generate electricity, fell 0.5 percent to 20,000 won. Samsung Electronics Co, the world's second-largest semiconductor maker, lost 1.7 percent to 434,000 won.
Gross domestic product rose a seasonally adjusted 0.6 percent from the first quarter, the central bank said.
"Oil prices should fall for South Korea to see better economic growth," said Jeong Jong-Hyeon, who helps manage the equivalent of US$866 million at CJ Investment Trust Management Co in Seoul. "In the current economic climate, investors cannot help being conservative in stock trading." For the week, the KOSPI rose for a second week, adding 1.5 percent.
Sweeping policy changes under US Secretary of Health and Human Services Robert F. Kennedy Jr are having a chilling effect on vaccine makers as anti-vaccine rhetoric has turned into concrete changes in inoculation schedules and recommendations, investors and executives said. The administration of US President Donald Trump has in the past year upended vaccine recommendations, with the country last month ending its longstanding guidance that all children receive inoculations against flu, hepatitis A and other diseases. The unprecedented changes have led to diminished vaccine usage, hurt the investment case for some biotechs, and created a drag that would likely dent revenues and
Macronix International Co (旺宏), the world’s biggest NOR flash memory supplier, yesterday said it would spend NT$22 billion (US$699.1 million) on capacity expansion this year to increase its production of mid-to-low-density memory chips as the world’s major memorychip suppliers are phasing out the market. The company said its planned capital expenditures are about 11 times higher than the NT$1.8 billion it spent on new facilities and equipment last year. A majority of this year’s outlay would be allocated to step up capacity of multi-level cell (MLC) NAND flash memory chips, which are used in embedded multimedia cards (eMMC), a managed
CULPRITS: Factors that affected the slip included falling global crude oil prices, wait-and-see consumer attitudes due to US tariffs and a different Lunar New Year holiday schedule Taiwan’s retail sales ended a nine-year growth streak last year, slipping 0.2 percent from a year earlier as uncertainty over US tariff policies affected demand for durable goods, data released on Friday by the Ministry of Economic Affairs showed. Last year’s retail sales totaled NT$4.84 trillion (US$153.27 billion), down about NT$9.5 billion, or 0.2 percent, from 2024. Despite the decline, the figure was still the second-highest annual sales total on record. Ministry statistics department deputy head Chen Yu-fang (陳玉芳) said sales of cars, motorcycles and related products, which accounted for 17.4 percent of total retail rales last year, fell NT$68.1 billion, or
In the wake of strong global demand for AI applications, Taiwan’s export-oriented economy accelerated with the composite index of economic indicators flashing the first “red” light in December for one year, indicating the economy is in booming mode, the National Development Council (NDC) said yesterday. Moreover, the index of leading indicators, which gauges the potential state of the economy over the next six months, also moved higher in December amid growing optimism over the outlook, the NDC said. In December, the index of economic indicators rose one point from a month earlier to 38, at the lower end of the “red” light.
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