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.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
RSS