Sun, Jul 07, 2013 - Page 15 News List

Asian markets cap second weekly rise, led by Japan

DEFLATION ELATION:Optimism that ‘Abenomics’ will reflate Japan’s economy pushed up stocks across the region, with the TOPIX and Nikkei each adding close to 5 percent

Bloomberg and AFP

Shares on the MSCI Asia Pacific Index traded at 12.8 times estimated earnings on Friday, compared with 14.8 for the Standard & Poor’s 500 Index and 12.8 for the STOXX Europe 600 Index, according to data compiled by Bloomberg.

Exporters advanced after reports showed an official gauge of US manufacturing expanded faster than expected last month.

Japanese carmakers and electronics manufacturer also gained after the yen fell for a third week, which will boost the value of their overseas income when repatriated.

In other markets on Friday:

Manila closed 0.56 percent higher than on Thursday, adding 36.22 points to hit 6,500.48.

Wellington rose 0.69 percent, or 30.91 points, to 4,489.86.

Mumbai added 0.44 percent, or 84.98 points, to 19,495.82.

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