Asian stocks rose, lifting the MSCI Asia-Pacific Index to a 16-month high after US manufacturing expanded at the fastest pace in more than three years and commodities gained.
The MSCI Asia Pacific Index advanced 1.2 percent to 123.42 as of 7:11pm in Tokyo, the highest level since Aug. 29, 2008.
“What we had last year were expectations for a better economy,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co in Tokyo. “This year, I’m expecting to see a firm economic recovery to shore up demand, which will be confirmed by better company earnings.”
Hong Kong’s Hang Seng Index climbed 2.1 percent, while the Shanghai Composite Index gained 1.2 percent.
Japan’s Nikkei 225 Stock Average added 0.3 percent. The gauge pared an earlier gain of 1.3 percent after the yen strengthened against the dollar and on speculation banks will sell shares, diluting shareholders’ value.
Malaysia’s FTSE Bursa Malaysia KLCI Index rose 1 percent, the highest close since May 2008. Taiwan’s TAIEX index rose 3.6, or less than 0.1 percent, to 8,211.40 at the close of Taipei trading, a fourth day of gains and the highest since June 18, 2008.
Meanwhile, emerging-market stocks and bond funds closed last year with record annual inflows as a recovery from the global financial crisis boosted demand for riskier assets, researcher EPFR Global said.
Emerging-market equity funds received US$64.5 billion, while those investing in developing-nation fixed-income securities drew more than US$8 billion, the US-based company said in an e-mailed statement.
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