Asian stocks rose 4.4 percent in the week to the highest level in a year as the G20 nations agreed on measures to shore up the financial system and China reported better-than-expected economic data.
National Australia Bank Ltd climbed 6.7 percent as G20 finance chiefs agreed on a regulatory blueprint to help avoid a repeat of the global financial crisis. China Unicom (Hong Kong) Ltd (中國聯通) rallied 6.9 percent after China’s industrial production rose last month from a year earlier.
“It’s clear there’s an ongoing commitment by the authorities to make sure this recovery works,” said Nader Naeimi, a Sydney-based strategist at AMP Capital Investors, which manages about US$75 billion. “Together with the evidence of a recovery we’re already seeing, it points to a continuing improvement in the economic outlook.”
The MSCI Asia-Pacific Index climbed 4.4 percent to 117.82 in the past five days, its seventh week of alternating between gains and losses. The gauge has surged 67 percent from a more than five-year low on March 9 on speculation the global economy is recovering.
China’s Shanghai Composite Index rose 4.5 percent in the week as the statistics bureau said industrial production increased 12.3 percent last month from a year earlier, beating the 11.8 percent median estimate of 15 economists surveyed by Bloomberg News. Urban fixed-asset investment for the eight months to Aug. 31 climbed 33 percent, more than the 32.7 percent median estimate in a survey of economists.
Japan’s Nikkei 225 Stock Average advanced 2.5 percent, even as the Cabinet Office reported that the country’s economy grew at a 2.3 percent annual rate in the second quarter, lower than the 3.7 percent expansion originally estimated.
Taiwanese share prices are expected to turn quiet next week as the market falls into a consolidation mode after recent gains, dealers said on Friday.
Interest in electronic heavyweights is fading as investors are likely to continue to take profits, while earnings concerns may also keep buyers at bay, they said.
For the week to Friday, the weighted index rose 184.01 points or 2.57 percent to 7,337.14 after a 5.04 percent increase a week earlier.
Other market on Friday:
SYDNEY: Up 0.55 percent. The S&P/ASX 200 climbed 25.3 points to 4,596.1.
SEOUL: Up 0.43 percent. The KOSPI added 7.02 points at 1,651.70. Financial stocks were mostly higher on hopes of improved earnings results in the second half, amid signs of worldwide economic recovery.
SINGAPORE: Flat. The Straits Times Index edged 0.99 points, or 0.04 percent, lower to 2,681.03. “I think everybody is just waiting for the weekend. Wall Street set a new [year-to-date] high overnight, but people are hoping for more good news,” a dealer at a foreign brokerage said. “How much money can you keep pumping in without taking something off the table?”
BANGKOK: Up 0.67 percent. The Stock Exchange of Thailand rose 4.72 points to close at 707.81.
KUALA LUMPUR: Up 0.59 percent. The Kuala Lumpur Composite Index gained 7.0 points to 1,208.28. The market is at a new high for this year.
JAKARTA: Up 0.17 percent. The Jakarta Composite Index added 4.08 points to 2,415.94.
MANILA: Up 1.23 percent. The composite index added 34.92 points to 2,870.83. “The US market broke out so this market has a chance to see if it can test higher resistance levels,” Nestor Aguila of DA Market Securities said.
WELLINGTON: Up 0.33 percent. The NZX-50 rose 10.50 points to 3,137.18.
MUMBAI: Up 0.29 percent. The 30-share SENSEX rose 47.44 points to 16,264.30.
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CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique