Asian shares rose, with the regional benchmark capping its first weekly gain this year as China’s trade data beat estimates and US Federal Reserve Chair Janet Yellen’s first official address buoyed optimism about the US economy.
China COSCO Holdings Co (中國海運集團), the nation’s biggest cargo line, gained 3.9 percent in Hong Kong, while South Korean electronics maker Samsung Electronics Co gained 2 percent in Seoul and the Australia & New Zealand Banking Group Ltd — Australia’s third-largest bank by market value — surged 6.4 percent after its first-quarter cash profit climbed 13 percent from a year earlier.
In Tokyo, Kirin Holdings Co, Japan’s biggest beverage maker, slumped 7 after its forecast missed estimates. The TOPIX on Friday erased its weekly gain after the yen strengthened.
The MSCI Asia Pacific Index gained 1.6 percent to 135.35 this week, the biggest weekly rally since the period ended on Nov. 15 last year, paring this year’s drop to 4.2 percent.
This year’s global equity losses peaked at about US$3 trillion on Feb. 4 and have since narrowed to US$587 billion as of yesterday, data compiled by Bloomberg show.
Taiwan’s TAIEX added 1.5 percent this week, compared with 8,387.35 on Feb. 7, after rising 45.98 points, or 0.54 percent, to 8,513.68 on Friday. Taiwan Semiconductor Manufacturing Co (台積電) gained 2.38 percent to NT$107.5 in Friday’s session, while HTC Corp (宏達電) fell 0.78 percent to NT$128.
Elsewhere in Asia, Japan’s TOPIX slid 0.4 percent and its Nikkei 225 Stock Average lost 1 percent, both erasing this week’s gains on Friday as the yen reversed losses against the US dollar.
In Canberra, Australia’s S&P/ASX 200 Index surged 3.7 percent to extend gains after the Reserve Bank of Australia said a weaker currency will help restore growth.
Meanwhile, South Korea’s KOSPI fell 1 percent after the Bank of Korea left its key interest rate unchanged, while New Zealand’s NZX 50 Index gained 1 percent and Singapore’s Straits Times Index added 0.9 percent.
Hong Kong’s Hang Seng Index rose 3.1 percent this week, while the Hang Seng China Enterprises Index of mainland companies listed in the territory — also known as the H-share index — gained 3 percent and the Shanghai Composite Index added 3.5 percent.
The trade data China release this week were “like a double present for the market,” said Andrew Sullivan, director of sales trading at Kim Eng Securities in Hong Kong. “Exports were good and we know they are still targeting internal growth, and I think that’s quite positive.”
China’s overseas shipments increased 10.6 percent from a year earlier, the Chinese General Administration of Customs said on Wednesday in Beijing. The figure compared with economists’ median projection of a 0.1 percent gain. Chinese imports advanced 10 percent, leaving the country with a trade surplus of US$31.9 billion, its widest for January since 2009.
Of the 331 companies on the MSCI Asia Pacific Index that have reported quarterly earnings since the beginning of last month and for which estimates are available, 54 percent beat profit expectations as of Thursday, according to data compiled by Bloomberg.
The MSCI Asia-Pacific gauge ended the week trading at 12.7 times estimated earnings, compared with multiples of 15.6 for the S&P 500 and 14.3 for the STOXX Europe 600 Index, according to data compiled by Bloomberg.
In other markets on Friday:
Wellington added 14.87 points, or 0.31 percent, from Thursday to end at 4,888.40.
Manila closed 0.20 percent higher, with the composite index up 11.94 points to 6,113.66.
Additional reporting by AFP
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”