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.
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