Asian stocks rose this week as better-than-estimated economic data from South Korea to the US eased concern about surging oil prices following tension in North Africa and the Middle East.
Doosan Infracore Co and Hyundai Motor Co climbed more than 5 percent in Seoul after industrial production in South Korea quickened. Komatsu Ltd, Asia’s No. 1 maker of construction machinery, jumped 9.3 percent in Tokyo on the prospects for home building in China.
The MSCI Asia Pacific Index climbed 1.9 percent to 139.41 this week. The gauge dropped 2.1 percent last week on concern higher oil prices following uprisings in Libya and the Middle East will slow a global economic recovery.
“There’s been a tug of war between the strong economy on the one side and higher oil prices and the unrest in the Middle East on the other, but the positive news is increasing,” said Koichi Kurose, chief strategist in Tokyo at Resona Bank Ltd. “The US is gradually approaching a self-sustaining recovery.”
Taiwan’s TAIEX rose 2.2 percent this week to close at 8,784.40 on Friday.
An analyst with SinoPac Securities Investment Trust Co (永豐金證券) said heavy short-selling might emerge as the weighted index moves toward the 8,800-point mark, a major resistance threshold for investors in the short term.
Japan’s Nikkei 225 increased 1.6 percent this week, Australia’s S&P/ASX 200 index rose 0.6 percent, Hong Kong’s Hang Seng Index gained 1.8 percent and China’s Shanghai Composite Index rose 2.2 percent.
South Korea’s KOSPI index advanced 2.1 percent as factory output rose 13.7 percent in January from a year earlier, topping economist forecasts.
In other markets on Friday:
Manila rose 1.27 percent, or 48.66 points from Thursday, to 3,882.71, despite higher-than-expected inflation of 4.3 percent last month.
Wellington gained 0.61 percent, or 20.80 points from Thursday, to 3,418.11.
Mumbai closed flat, edging down 3.31 points from Thursday to 18,486.45.
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