Asian shares rose to the highest level since July 2015, following US stocks’ climb to record highs after US President Donald Trump said he plans to overhaul business taxes.
Stocks advanced in nearly all Asia-Pacific markets following Trump’s pledge that a “phenomenal” plan to overhaul business taxes will be released within weeks.
The MSCI Asia Pacific Index on Friday rose 0.9 percent to 143.88 in a rally led by shares of consumer discretionary companies. The index stood at 142.08 last week.
Japanese auto-related stocks were among the biggest boosts to the gauge, as a weaker yen improved the outlook for exporters.
Taiwanese shares on Friday rose to close above the 9,600-point mark on the back of strong buying in large-cap stocks in both electronics and non-high-tech sectors, as investors took cues from a record high posted by the Dow Jones Industrial Average, dealers said.
The weighted index on the Taiwan Stock Exchange ended up 75.41 points, or 0.79 percent, at 9,665.59, rising 2.2 percent from last week’s 9,455.56 points.
“The market’s getting some breathing space after declines in the 10-year [US] Treasury yield and an apparent softening of Donald Trump’s rhetoric around tariffs on Chinese imports,” Hong Kong-based Principal Global Investors fund manager Binay Chandgothia said. “The market has adjusted to the possibility that interest rates may not shoot up, which in an environment of higher global growth, should support Asian equities.”
“Ever since his victory in November [last year], global stock markets have been steered by actions and rhetoric emanating from the new [US] commander-in-chief,” KGI Securities’ Nicholas Teo said. “The trigger event of last night’s [Thursday night’s] jump clearly shows the willingness of the markets to give the man lots of slack, extending Mr Trump more time to execute his election promises.”
Japan’s TOPIX closed 2.2 percent higher and Nikkei 225 rose 2.5 percent, both gaining the most in five weeks.
Hong Kong’s Hang Seng Chinese Enterprises Index advanced 0.5 percent in its fifth day of gains and the Hang Seng Index gained 0.2 percent.
Shanghai Composite rose 0.4 percent, Australia’s S&P/ASX 200 added 1 percent and South Korea’s KOSPI rose 0.5 percent.
Singapore’s Straits Times Index and FTSE Bursa Malaysia KLCI both rose 0.7 percent and Jakarta Composite Index added 0.4 percent.
Additional reporting by CNA and Reuters
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