Asian stocks rose for a second week, led by oil companies and steelmakers, as crude climbed to a one-year high, brokerages boosted their investment ratings and economic reports pointed to a recovery.
Nippon Steel Corp, the world’s largest steelmaker, added 6.8 percent after Goldman Sachs Group Inc raised it to “buy” from “neutral.” PetroChina Co (中石油), the world’s second-biggest company by value, gained 7 percent. Lenovo Group Ltd (聯想), China’s largest maker of personal computers, jumped 13 percent in Hong Kong as data showed China’s export decline slowed. JB Hi-Fi Ltd climbed 9.5 percent in Sydney after Australian consumer confidence rose and brokers boosted their share-price estimates.
The MSCI Asia-Pacific Index advanced 0.7 percent to 119.60 in the past week, its second week of gains. The gauge has climbed 69 percent from a five-year low on March 9 as better-than-estimated economic and earnings reports increase optimism that the global economy is recovering from the worst slowdown since World War II.
“We’ll see some relatively strong earnings being posted by companies in the coming weeks and there are likely to be more forecast upgrades than downgrades,” said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management Co, which oversees the equivalent of US$96 billion.
China’s Shanghai Composite Index climbed 2.2 percent in the week after the nation’s exports declined at the slowest pace in nine months. Australia’s S&P/ASX 200 Index gained 1.8 percent as an index of consumer sentiment gained 1.7 percent in October. Hong Kong’s Hang Seng Index added 2 percent.
Japan’s Nikkei 225 Stock Average gained 2.4 percent, even as producer prices fell for a ninth month. Elpida Memory Inc, Japan’s biggest computer-memory chipmaker, rose 9.2 percent after posting its first operating profit in eight quarters.
Taiwanese share prices are expected to move in a narrow range next week as investors remain cautious before further corporate results in the US market are due, dealers said on Friday.
While the local bourse breached the 7,700-point level this week, downside pressure is growing as investors are becoming inclined to pocket profits after a recent strong showing, they said.
For the week to Friday, the weighted index rose 143.14 points, or 1.89 percent, after a 2.16 percent increase a week earlier.
Average daily turnover stood at NT$133.12 billion (US$4.12 billion), compared with NT$138.80 billion a week ago.
Other markets on Friday:
SEOUL: Down 1.12 percent from Thursday. The KOSPI lost 18.63 points to close at 1,640.36. Concerns about waning earnings momentum and a strengthening local currency weighed on the market, dealers said.
SINGAPORE: Down 0.15 percent. The Straits Times Index fell 4.03 points to 2,708.12.
BANGKOK: Up 3.52 percent. The Stock Exchange of Thailand (SET) composite index rose 24.40 points to close at 717.12.
MUMBAI: Up 0.74 percent. The 30-share SENSEX index rose 127.62 points to 17,322.82 to a 17-month high. Stock markets were be open for ceremonial one-hour trading yesterday to mark Divali, the festival of lights.
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