Asian markets headed for their biggest weekly advance in three months as data suggested China’s economy is responding to government support.
Taiwan became the latest regional bourse to enter a bull market. The TAIEX rose 0.94 percent to 8,949.85, up from 8,640.91 on Thursday last week and closing more than 20 percent above its low in August last year, as global investors pumped cash into equities, drawn by upbeat earnings and high company dividends. Taiwanese markets were closed on Friday last week due to Typhoon Nepertak.
Thailand, India and Indonesia have also recently entered bull markets.
The MSCI Asia Pacific Index rose for a fifth day, adding 0.4 percent to 133.84 as of 4pm in Hong Kong. That took its weekly gain to 4.4 percent, the most since April 15.
Japan’s TOPIX closed up 0.5 percent, rising 8.9 percent for the week in the biggest advance since 2009.
China’s economic growth held at 6.7 percent in the second quarter from a year earlier, beating the 6.6 percent expansion forecast in a Bloomberg survey.
More than US$4 trillion has been added to the value of global equities since June 27 as the US economy shows signs of health and speculation increases that policymakers worldwide will boost stimulus to stave off a global slowdown.
Japanese shares led gains this week and the yen fell the most since 1999 after Japanese Prime Minister Shinzo Abe’s party won upper-house elections, giving him a fresh mandate to boost efforts to revive the economy.
China’s factory output, retail sales and new lending for last month also topped estimates, while investment slowed. The US also has a data dump coming on Friday, with gauges of household spending, inflation, industrial production and consumer confidence scheduled.
Fast Retailing Co jumped 18 percent in Tokyo, the most since 1998, after the Uniqlo clothing chain owner posted a profit that beat estimates.
Line Corp shot up 32 percent in its Japan trading debut after the messaging company raised more than US$1 billion in the biggest technology initial public offering of the year.
Australia’s S&P/ASX 200 Index climbed 0.3 percent, South Korea’s KOSPI advanced 0.4 percent, while New Zealand’s S&P/NZX 50 Index slipped 0.1 percent.
Singapore Exchange Ltd reopened after a disruption shut trading on Thursday. The benchmark Straits Times Index climbed 0.6 percent.
Hong Kong’s Hang Seng Index gained 0.4 percent and the Shanghai Composite was steady. The 14-day relative-strength index on the mainland Chinese gauge this week edged above 70 for the first time since just before last summer’s US$5 trillion rout.
India’s S&P BSE SENSEX Index lost 0.3 percent.
Additional reporting by staff writer, with CNA
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