Asian stocks rose for a third week as commodity prices gained and as US companies reported or raised profit forecasts, boosting confidence in the strength of global economic growth.
BHP Billiton Ltd, the world’s largest mining company, climbed 4 percent this week in Sydney. Hon Hai Precision Industry Co (鴻海精密), the world’s largest electronics contract manufacturer, gained 3.7 percent in Taipei after Microsoft Corp reported positive earnings in the US.
The MSCI Asia-Pacific Index climbed 1.0 percent, advancing for a third-straight week and posting the longest winning streak since the week ended April 16. The gauge has slumped 8.5 percent from its high this year on April 15 on concern Europe’s debt crisis and Chinese steps to curb property prices will slow global growth.
“Sentiment has been improving after the better-than-expected US earnings eased investors’ concerns about a poor economic outlook,” said Michiya Tomita, a Hong Kong-based fund manager for Mitsubishi UFJ Asset Management Co, which oversees US$64 billion.
Hong Kong’s Hang Seng Index rose 2.8 percent this week as the city’s developers gained on prospects of higher property prices. China’s Shanghai Composite Index climbed 6.1 percent.
South Korea’s KOSPI Index increased 1.1 percent.
Australia’s S&P/ASX 200 Index rose 0.8 percent, led by materials companies.
Japan’s Nikkei 225 Stock Average advanced 0.2 percent in a four-day, holiday-shortened week.
A gauge of material companies gained the most this week among the 10 industry groups in the MSCI Asia-Pacific Index, followed by energy companies.
Taiwan’s TAIEX advanced 94.88, or 1.2 percent, to 7,761.22 at the close of Taipei trading on Friday, its highest in more than two months.
The index rose 1.3 percent this week, its third week of gains.
“Judging from the upside of high-tech heavyweights today, I suspect the buying largely came from foreign institutional investors,” Grand Cathay Securities Co (大華證券) analyst Mars Hsu said.
“Several major local high-tech firms are scheduled to report their second quarter results next week. That’s why the willingness to chase prices has been limited,” Hsu said.
Other markets on Friday:
Manila closed flat, gaining 1.20 points from Thursday to 3,416.10.
Wellington closed up 0.45 percent, or 13.55 points, from Thursday to 2,994.90.
Jakarta rose 1.07 percent, or 32.09 points, from Thursday to a fresh record high of 3,042.02.
Bangkok added 0.87 percent, or 7.23 points, from Thursday to reach 840.24.
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