Japan's Topix stock index rose for the first week in three. Retailers such as Ito-Yokado Co gained after a government report showed service industries expanded more than economists forecast in June.
The services report "points to companies efforts to turn around their business as well as a gradual pickup in consumption," said Akio Yoshino, who helps manage the equivalent of US$15 billion at Societe Generale Asset Management (Japan) Co.
Both the TOPIX and the NIKKEI 225 Stock Average had their first weekly advances in three, each gaining 1.2 percent in Tokyo. The Bloomberg World Asia-Pacific Index, which tracks the performance of more than 1,400 stocks in the region, rose 2.8 percent in the past five days, its first weekly increase in eight.
Japan's KDDI Corp slumped after its bigger rival NTT DoCoMo Inc said it will introduce lower-priced versions of its high-speed mobile phones.
Elsewhere, Taiwan's TAIEX index rose 4.3 percent this week, its biggest advance since the five days ended April 2. Government-controlled companies such as First Financial Holding Co rose after the Commercial Times reported the government is halting sales of shares it owns in companies.
Stock benchmarks rose in Australia, the Philippines and Shanghai, while all others declined.
Ito-Yokado, Japan's second-largest retailer, added 1.8 percent to ¥3,950. Aeon Co, which overtook Ito-Yokado to become the No. 1 retailer last fiscal year, climbed 0.8 percent to ¥1,793.
The tertiary index, a measure of demand for services, rose 0.8 percent in June from May, the Ministry of Economy, Trade and Industry said in Tokyo. The median estimate of 31 economists surveyed by Bloomberg News was for a 0.4 percent increase.
Daiei Inc, a Japanese retailer seeking to cut about US$10 billion of debt, was offered at ¥243, 11 percent lower than the last traded price of ¥273 at the morning close.
The stock was suspended from trading for two hours after the midday break after Jiji Press reported that creditors will ask the state bailout agency to invest 100 billion yen in Daiei. The company said nothing has been decided on its restructuring plan.
TAIEX
Taiwan's First Financial, which is 40 percent owned by the government, rose 1.4 percent to NT$22.60.
The government is halting sales of stocks, complying with a resolution passed by parliament, the Commercial Times reported, citing Cheng Yu-po, deputy director-general of the Department of National Treasury.
"The plan to halt sales of government-held shares shows the government's desire to extend the market's advance," said Kevin Lin, who manages the equivalent of US$60 million at Shinkong Investment Trust Co in Taipei.
KOSPI
The KOSPI index in South Korea, which imports all its oil, dropped 0.1 percent to 787.64 on Friday.
Crude rose to a record and the central bank said the economy grew at its slowest pace in a year in the second quarter. Korean Air Co fell.
Korean Air, the nation's largest air carrier, shed 3.1 percent to 15,500 won. Korea Electric Power Corp, which spends more than a quarter of its fuel budget on oil to generate electricity, fell 0.5 percent to 20,000 won. Samsung Electronics Co, the world's second-largest semiconductor maker, lost 1.7 percent to 434,000 won.
Gross domestic product rose a seasonally adjusted 0.6 percent from the first quarter, the central bank said.
"Oil prices should fall for South Korea to see better economic growth," said Jeong Jong-Hyeon, who helps manage the equivalent of US$866 million at CJ Investment Trust Management Co in Seoul. "In the current economic climate, investors cannot help being conservative in stock trading." For the week, the KOSPI rose for a second week, adding 1.5 percent.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
RSS