Asian stocks rose as exporters climbed after US data on retail sales boosted optimism and Japanese shares gained ahead of the weekend’s election.
Li & Fung Ltd (利豐), the biggest supplier to retailers including Wal-Mart Stores Inc, added 1.4 percent. Canon Inc, a camera maker that derives most its sales abroad, jumped 3.9 percent after boosting its dividend forecast and as the yen held losses. Materials shares led declines, with BHP Billiton Ltd sliding 1.9 percent after the world’s largest mining company said it is shifting focus to copper amid a glut in iron ore.
The MSCI Asia Pacific Index advanced 0.4 percent to 137.24 in Hong Kong on Friday. The measure fell 1.9 percent this week as oil prices tumbled below US$60 a barrel for the first time since July 2009 amid speculation OPEC’s biggest members would battle US producers for market share.
“Upbeat US retail sales and consumer confidence buoyed investor confidence,” said Matthew Sherwood, Sydney-based head of investment markets research at Perpetual Ltd, which has about US$21 billion in funds under management. “The recent acceleration in economic growth can be sustained.”
US retail sales rose 0.7 percent sequentially last month, matching the highest estimate of economists surveyed by Bloomberg. Unemployment claims declined by 3,000 last week to 294,000. Claims have been below 300,000 for 12 of the past 13 weeks.
Japan’s TOPIX rose 0.2 percent as the yen was little changed at ¥118.65 after falling 0.7 percent on Thursday on US data.
Polls show Japanese Prime Minister Shinzo Abe is heading for a landslide victory in the election today. Abe is seeking a referendum on his policies after the economy slid into recession following the April sales-tax hike.
In Taipei, shares staged a mild rebound on Friday to break a five-losing session streak as investors were encouraged by gains on Wall Street overnight, dealers said.
The bellwether electronics sector continued to dominate trading as semiconductor and notebook computer stocks attracted bargain hunters to boost the broader market, they said.
Turnover remained thin, however, as many investors were reluctant to chase prices amid fears that foreign institutional investors would continue to unload their holdings before they go on vacation for the Christmas holiday, dealers said.
The weighted index on the Taiwan Stock Exchange closed the week down 1.9 percent at 9,027.33.
Gainers on Friday included integrated circuits designer MediaTek Inc (聯發科), which rose 1.5 percent to close at NT$440.50 after JP Morgan Chase issued an “overweight” rating on the stock.
IC packaging and testing services provider Advanced Semiconductor Inc (ASE, 日月光半導體) added 3.26 percent to end at NT$38, while PC brand Acer Inc (宏碁) rose 1.4 percent to close at NT$21.80.
In the financial sector, advancers included Mega Financial Holding Co (兆豐金控), which rose 0.63 percent to NT$24.15, and Yuanta Financial Holding Co (元大金控), which climbed 1.32 percent to NT$15.40.
“Many financial stocks still lag behind the high-tech sector. Their valuations appear attractive because their bottom lines should get stronger next year when an interest rate hike cycle is expected to kick off,” Concord Securities (康和證券) analyst Kerry Huang said.
Meanwhile, the Shanghai Composite Index added 0.4 percent on Friday after slowing industrial production boosted bets the government would provide more stimulus. Hong Kong’s Hang Seng Index decreased 0.3 percent to cap the biggest weekly decline since March. A measure of mainland shares listed in the territory lost 0.2 percent on Friday.
Australia’s S&P/ASX 200 Index fell 0.2 percent, while New Zealand’s NZX 50 Index rose 0.2 percent. The Philippines’ PSEi jumped 2.15 percent, South Korea’s KOSPI advanced 0.3 percent and Singapore’s Straits Times Index rose 0.2 percent.
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