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ASIA: Asian stocks complete best week this year

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, 中國海洋石油), reported higher profit.

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 (馬英九), who takes office in May.

Dealers said expectations were renewed by reports Chinese President Hu Jintao (胡錦濤) had expressed willingness for Beijing and Taipei to resume dialogue.

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 (林玉田), a senior vice president at Fubon Securities Co (富邦證券).

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.
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