Asian stocks posted the biggest weekly advance in a month as US economic data and a surprise interest-rate increase in Australia renewed optimism that the global economic recovery is on track.
Mazda Motor Corp, partly owned by Ford Motor Co, surged 16 percent after it narrowed its full-year loss forecast and US services industries grew after 11 months of contraction. Alumina Ltd rose 7.5 percent after partner Alcoa Inc reported better-than-estimated profit. Sumitomo Mitsui Financial Group Inc climbed 17 percent after the government said lenders won’t have to boost provisions for bad loans to struggling small companies.
The MSCI Asia-Pacific Index advanced 3.8 percent to 118.77 this week, its biggest gain since the period to Sept. 11. The gauge has climbed 68 percent from a five-year low on March 9 as better-than-estimated economic and earnings reports boosted speculation the global economy is recovering from the worst slowdown since World War II.
Australia’s S&P/ASX 200 Index gained 3.3 percent as signs of growth prompted the country to become the first among the G20 nations to lift borrowing costs. The Hang Seng Index climbed 5.5 percent as property stocks rallied after Goldman Sachs Group Inc recommended buying Sino Land Co.
Taiwanese share prices are expected to encounter pressure as the market moves closer to the 7,700 point level amid high liquidity, dealers said on Friday.
Old-economy stocks may continue to draw attention as investors try to park money in a safe haven, while the bellwether electronic sector is likely to see profit-taking after recent strong gains, they said.
For the week to Friday, the weighted index rose 160.08 points, or 2.16 percent, to 7,571.96 after a 0.91 percent increase a week earlier.
Average daily turnover stood at NT$138.80 billion (US$4.31 billion), compared with NT$110.68 billion a week ago.
Other markets on Friday:
SHANGHAI: Up 4.76 percent. The Shanghai Composite Index, which covers both A and B shares, was up 132.29 points to 2,911.72.
SINGAPORE: Flat. The Straits Times Index gained 1.56 points, or 0.06 percent, to 2,652.51. The government is due to release its preliminary estimates of economic data for the third quarter and analysts expect GDP to rise 0.5 percent from a year ago.
KUALA LUMPUR: Up 0.30 percent. The Kuala Lumpur Composite Index gained 3.73 points to 1,233.82.
MUMBAI: Down 1.19 percent. The 30-share SENSEX fell 200.88 points to 16,642.66.
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