Asian stocks rose, driving the MSCI Asia-Pacific Index to its sixth advance in seven weeks, as better-than-estimated earnings from CNOOC Ltd (齌玿?暷鉥蕫) to Westfield Group offset concerns the global recovery is faltering.
CNOOC Ltd, China*s biggest offshore oil producer, advanced 3.4 percent this week in Hong Kong. Westfield, the world*s largest owner of shopping malls, rose 1.1 percent in Sydney. Tokyo Electron Ltd, the world*s second-biggest producer of chipmaking equipment, climbed 2.7 percent in Tokyo after larger rival Applied Materials Inc forecast higher-than-estimated profit.
※I*m telling people not to be too pessimistic,§ said Kenji Sekiguchi, general manager of strategic research and investment at Mitsubishi UFJ Asset Management Co, which oversees about US$73 billion in Tokyo. ※The market in the second half of this year will reflect positive earnings more explicitly than the latest earnings season.§
The MSCI Asia-Pacific Index gained 0.4 percent this week to 118.29, following last week*s 3.7 percent retreat. The index has slumped about 8.4 percent from its high this year on April 15 as Europe*s debt crisis, China*s measures to curb property-price inflation and disappointing economic reports in the US fueled concern global growth may stall.
China*s Shanghai Composite Index advanced 1.4 percent this week as the nation*s economy surpassed Japan as the world*s 〝second-largest last quarter. Japan*s Nikkei 225 Stock Average fell 0.8 percent.
Australia*s S&P/ASX 200 Index fell 0.6 percent. Hong Kong*s Hang Seng Index dropped 0.4 percent. South Korea*s Kospi Index advanced 1.7 percent as sales at the nation*s major department stores increased last month for a 17th month amid an economic recovery.
Taiwan*s TAIEX was little changed at 7,927.31 at the close of Taipei trading at 1:30pm on Friday. The benchmark rose 0.5 percent this week.
Export orders increased for a 10th straight month last month in a sign demand for the nation*s microchips and displays is weathering global economic risks.
Orders, an indication of shipments in the next one to three months, rose 18.23 percent from a year ago, after jumping 22.48 percent in June, the Ministry of Economic Affairs said in Taipei on Friday. The median estimate of 13 economists in a Bloomberg News survey was for a 20.5 percent gain.
※All components of the economy are expanding, but the external sectors are driving growth,§ Tine Olsen, an economist at Moody*s economy.com in Sydney, said ahead of Friday*s report.
The recent slowdown in exports and industrial production indicates the economy is ※cooling to sustainable growth levels§ rather than stalling, she said.
Another report showed the current-account surplus widened to US$10.56 billion in the three months through June, from US$10.3 billion in the prior period. That compared with the median estimate of US$11 billion in a Bloomberg News survey. The nation*s exports rose for a ninth month in July, advancing 38.5 percent from a year earlier, according to data earlier this month.
Friday*s export orders data were released after the close of trading on the stock exchange.
Other markets on Friday:
Manila closed 0.93 percent, or 33.21 points, higher from Thursday at 3,593.60. The index*s fifth successive rise helped it reach a 32-month high.
Wellington fell 0.98 percent, or 29.38 points, from Thursday to 3,000.40.
Mumbai ended 0.29 percent, or 53.12 points, lower from Thursday at 18,401.82.
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