Asian stocks climbed for a second week on speculation company earnings and global economic growth will withstand a US housing slump.
CNOOC Ltd (
"The market is going to be led by sentiment on the US subprime situation," said Jason Teh, who helps manage the equivalent of about US$6.5 billion at Investors Mutual Ltd in Sydney. "The reassuring earnings results across the board may help combat some of the influence from the US."
PHOTO: AP
The Morgan Stanley Capital International Asia-Pacific Index added 2.6 percent to 152.16, as all 10 industry groups advanced. The measure jumped 8.1 percent in the previous five-day period, after a four-week, 15 percent rout.
Gains in the past two weeks trimmed the MSCI Asian index's monthly loss to 2.4 percent. The benchmark fell last month for the first time in 11 months as losses from subprime mortgages triggered a rout that wiped more than US$5.5 trillion from the value of global stock markets.
CNOOC gained 6.5 percent this week to HK$9.53. The offshore oil explorer said first-half profit slid 11 percent to 14.6 billion yuan (US$1.9 billion), beating analyst estimates.
China Construction Bank Corp (
Hon Hai Precision Industry Co (
LG Electronics Inc, South Korea's second-biggest exporter, advanced 1.1 percent to 72,000 won. Li & Fung Ltd (
TAIPEI
Taiwanese share prices closed sharply higher, up 2.41 percent on follow-through buying, regional strength and support for stocks with an exposure to China.
Dealers said investors found no comfort in Wall Street's lackluster performance overnight, with the Dow slipping 0.38 percent.
The weighted index closed up 210.95 points at the day's high of 8,982.16 on turnover of NT$166.14 billion (US$5.03 billion).
Jack Tam, an assistant vice president with Yuanta Core Pacific Securities Investment Consulting (
"Some local firms' exposure to the [Chinese] market really paid off. Their earnings results encouraged investors to chase share prices much higher," Tam said.
TOKYO
Japanese share prices closed 2.57 percent higher as technology stocks soared on strong earnings by US giant Dell and a depreciation of the yen after recent volatility.
The NIKKEI-225 index closed up 415.27 points at 16,569.09.
HONG KONG
Share prices closed sharply higher, up 2.13 percent, after briefly breaking 24,000 points for the first time as China stocks and blue chips surged on hopes of new mainland money.
The Hang Seng Index closed up 499.6 points at 23,984.14.
The Hang Seng Index saw triple-digit swings on as many as 17 of the 23 trading days this month, with 10 days seeing swings of more than 500 points.
SHANGHAI
Chinese share prices closed up 0.99 percent at another record high, with the airline sector in focus following strong corporate earnings from domestic carriers.
The Shanghai Composite Index, which covers both A and B shares, closed up 50.94 points at a record 5,218.83.
SEOUL
South Korean share prices closed sharply higher on hopes the US subprime mortgage problems will be solved soon, with the KOSPI index jumping to near its pre-crisis level. The KOSPI index ended up 31.54 points at 1,873.24.
SYDNEY
Australian share prices closed sharply higher to reach their best level in five weeks as investors focused on strong economic data and good corporate earnings.
The S&P/ASX 200 gained 112.2 points to 6,247.2.
Key market indexes were not available for most of the early session owing to a technical problem, but trading continued.
SINGAPORE
Share prices closed 2.16 percent higher, amid solid gains around the region, as buying in bank stocks helped boost the key index.
The Straits Times Index closed up 71.76 points at 3,392.91.
BANGKOK
Thai share prices closed 2.73 percent higher as sentiment turned upbeat. The composite index rose 21.63 points to 813.21.
MANILA
Philippine share prices closed 1.35 percent higher, extending gains on the back of better-than-expected economic growth data for the three months to June.
The composite index added 44.95 points to 3,365.29.
MUMBAI
Indian shares closed 1.3 percent higher, helped by data showing unexpectedly strong first quarter GDP growth.
The benchmark 30-share SENSEX index rose 196.86 points to 15,318.60, its sixth straight gain.
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