Asian stocks rose for a fifth consecutive week, the longest winning streak in more than a year, after companies reported higher earnings or raised forecasts.
HSBC Holdings PLC, Europe’s largest bank, increased 3.7 percent in Hong Kong and Cathay Pacific Airways Ltd (國泰航空), Hong Kong’s largest carrier, gained 7.1 percent. Honda Motor Co, Japan’s second-largest automaker, advanced 7.5 percent in Tokyo. Mitsubishi Corp, Japan’s largest commodities trader, climbed 5.2 percent on higher prices for metals and oil.
“Earnings have proven very strong and that is contributing to the market’s gains,” said Paul Xiradis, who manages about US$10 billion as chief executive officer of Ausbil Dexia Ltd in Sydney. “There’s been a sentiment shift, and the market is in a mood to view even marginally better data positively.”
The MSCI Asia-Pacific Index rose 2.8 percent this week to a three-month high of 122.40, capping its longest streak of weekly gains since April last year.
The gauge has slumped 5.2 percent from its high this year on April 15 as Europe’s debt crisis, China’s measures to cool its property market and signs of a US economic slowdown fueled concern that global growth may falter.
Japan’s Nikkei 225 Stock Average gained 1.1 percent this week and South Korea’s KOSPI Index rose 1.4 percent. Hong Kong’s Hang Seng Index advanced 3.1 percent, while China’s Shanghai Composite Index increased 0.8 percent. Australia’s S&P/ASX 200 Index climbed 1.6 percent as a survey released in Canberra showed manufacturing growth accelerated.
Taiwan’s TAIEX rose 26.45, or 0.3 percent, to 7,963.30 at the close of Taipei trading on Friday. The index rose 2.6 percent this week, the most since the period ended July 10.
China Airlines Ltd (中華航空) gained 1.3 percent to NT$19.60, the highest since June 26, 2008. Taiwan’s largest carrier’s sales for last month rose 68 percent to NT$13.24 billion (US$418 million) from a year earlier, it said in an exchange filing.
Celxpert Energy Corp (加百裕工業) surged 6.8 percent to NT$51.70, the highest since Oct. 7 last year.
Dynapack International Technology Corp (順達科技), the maker of notebook batteries for Hewlett-Packard Co and Dell Inc, agreed to buy Celxpert for NT$5.8 billion in shares to add customers. Dynapack fell 1.9 percent to NT$95.20.
Other markets on Friday:
Manila closed 0.14 percent, or 4.93 points, lower from Thursday at 3,516.28.
Mumbai fell 0.16 percent, or 28.84 points, from Thursday to 18,143.99.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft