Asian stocks completed their biggest weekly gain since November as BHP Billiton Ltd advanced on rising commodity prices and oil companies, including China National Offshore Oil Corp Ltd (CNOOC,
BHP, the world's biggest mining company, climbed after prices for oil and metals rose. CNOOC, China's largest offshore oil explorer, advanced after saying second-half net income increased 14 percent.
"Solid corporate earnings and the strength of commodity prices have restored some confidence and stirred buying," said Lu Yizhen, who oversees the equivalent of US$1.3 billion at Citic-Prudential Fund Management Co in Shanghai.
The MSCI Asia Pacific Index climbed 4.3 percent this week, the most since the period ended Nov. 30. The measure pared its loss this year to 10 percent. Japan's Nikkei 225 Stock Average gained 2.7 percent. Benchmarks around the region rose, except in China and Vietnam.
Producers of raw materials and energy were the two best performing industry groups this week. BHP rose 6.4 percent to A$36.05 in Sydney. Rio Tinto Group, the world's third-biggest mining company, gained 5.7 percent to A$122.90. Both stocks had their best weeks since Feb. 15.
A measure of six metals traded on the London Metal Exchange advanced 6.4 percent, the best week since March last year.
CNOOC advanced 17 percent to HK$11.88 in Hong Kong, the biggest weekly gain since August.
TAIPEI
Taiwanese share prices closed up 0.2 percent on Friday on hopes that relations with China would improve under president-elect Ma Ying-jeou (
Dealers said expectations were renewed by reports Chinese President Hu Jintao (
The TAIEX closed up 17.53 points at 8,623.48. Turnover was NT$155.4 billion (US$5.11 billion).
Hu's comments "renewed expectations of direct transport links across the strait and boosted transport stocks," said Frank Lin (
TOKYO
Japanese share prices closed up 1.7 percent, reversing early losses as a strong performance by other Asian markets helped to offset worries about the US and Japanese economies.
Dealers said fund managers were adjusting their portfolios ahead of the closing of their books tomorrow, the end of the current fiscal year.
The Nikkei-225 index rose 215.89 points to end at 12,820.47.
After a weak opening, the market rose gradually as investors bought back shares, pushing the benchmark Nikkei index up by 270 points at one stage.
HONG KONG
Hong Kong share prices closed sharply higher, up 2.74 percent, as China stocks surged following a strong rebound in Shanghai.
Chinese insurers rallied after mainland and Hong Kong regulators signed an agreement regarding supervision of investment activities here by mainland insurers.
The Hang Seng index closed up 621.73 points at 23,285.95.
SYDNEY
Australian share prices closed down 0.4 percent on renewed worries of further credit trouble in the US and domestically.
The S&P/ASX 200 fell 20.5 points to 5,351.1.
SHANGHAI
Chinese share prices soared 4.94 percent amid speculation of government support for the market with the launch of stock index futures and a stamp duty cut.
The Shanghai Composite Index, which covers A and B shares, closed up 168.65 points at 3,580.15.
SEOUL
South Korean shares closed 1.5 percent higher as traders shrugged off North Korea's missile tests and boosted portfolios before the end of the first quarter.
The KOSPI index ended up 25.59 points at 1,701.83.
SINGAPORE
Singapore share prices closed 0.22 percent higher after investors shook off initial worries over Wall Street's overnight decline and picked up attractively priced blue chips.
The Straits Times Index rose 6.70 points to 3,031.90.
KUALA LUMPUR
Malaysian share prices closed 0.4 percent higher on continued bargain hunting and window dressing activities as the first quarter draws to a close.
The composite index gained 4.38 points to 1,258.41.
BANGKOK
Thai share prices closed 0.27 percent higher, mainly on profit-taking as investors remained concerned about the prospects for the US economy. The composite index rose 2.21 points to 825.17.
JAKARTA
Indonesian share prices closed 1.1 percent higher on Friday, led by coal producer Bumi Resources and telecommunications company Indosat on earnings hopes.
The Composite Index closed up 26.24 points at 2,477.59.
MANILA
Share prices closed 1.0 percent higher on window-dressing as fund managers tidied up their portfolios for the end of the first quarter.
The composite index closed up 30.11 points at 2,956.02.
MUMBAI
Indian share prices rose 2.22 percent, as global markets recovered amid hopes that the impact of a US economic slowdown on Asia were exaggerated.
The SENSEX rose 355.73 points to 16,371.29.
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
ISSUES: Gogoro has been struggling with ballooning losses and was recently embroiled in alleged subsidy fraud, using Chinese-made components instead of locally made parts Gogoro Inc (睿能創意), the nation’s biggest electric scooter maker, yesterday said that its chairman and CEO Horace Luke (陸學森) has resigned amid chronic losses and probes into the company’s alleged involvement in subsidy fraud. The board of directors nominated Reuntex Group (潤泰集團) general counsel Tamon Tseng (曾夢達) as the company’s new chairman, Gogoro said in a statement. Ruentex is Gogoro’s biggest stakeholder. Gogoro Taiwan general manager Henry Chiang (姜家煒) is to serve as acting CEO during the interim period, the statement said. Luke’s departure came as a bombshell yesterday. As a company founder, he has played a key role in pushing for the
EUROPE ON HOLD: Among a flurry of announcements, Intel said it would postpone new factories in Germany and Poland, but remains committed to its US expansion Intel Corp chief executive officer Pat Gelsinger has landed Amazon.com Inc’s Amazon Web Services (AWS) as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker. Intel and AWS are to coinvest in a custom semiconductor for artificial intelligence computing — what is known as a fabric chip — in a “multiyear, multibillion-dollar framework,” Intel said in a statement on Monday. The work would rely on Intel’s 18A process, an advanced chipmaking technology. Intel shares rose more than 8 percent in late trading after the
GLOBAL ECONOMY: Policymakers have a choice of a small 25 basis-point cut or a bold cut of 50 basis points, which would help the labor market, but might reignite inflation The US Federal Reserve is gearing up to announce its first interest rate cut in more than four years on Wednesday, with policymakers expected to debate how big a move to make less than two months before the US presidential election. Senior officials at the US central bank including Fed Chairman Jerome Powell have in recent weeks indicated that a rate cut is coming this month, as inflation eases toward the bank’s long-term target of two percent, and the labor market continues to cool. The Fed, which has a dual mandate from the US Congress to act independently to ensure