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.
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
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