Asian shares outside Japan rebounded this week as US economic reports showed signs of recovery in the world’s biggest economy, even as concern mounted that Europe’s sovereign debt crisis is worsening.
Wharf Holdings Ltd (九龍倉集團) surged 9.8 percent in Hong Kong after underlying profit beat estimates. Toyota Motor Corp, the world’s biggest carmaker, slid 0.4 percent in Tokyo as the yen gained against the US dollar and euro. GS Yuasa Corp tumbled 9.2 percent after its batteries caught fire in a Mitsubishi Motors Corp factory and another melted in an electric car.
The MSCI Asia Pacific Index gained 0.9 percent to 135.56 this week, capping a 4.8 percent gain for the quarter. The measure’s third consecutive quarterly advance is its longest such winning streak since March 2010. The gauge rallied this year as improving economic data from the US and speculation that Japan will deploy more stimulus countered concern China will move to cool its property market.
The MSCI Asia Pacific Index trades at 15 times average estimated earnings, compared with 14.2 for the Standard & Poor’s 500 Index and 12.6 for the STOXX Europe 600 Index, data compiled by Bloomberg show.
Taiwan’s TAIEX posted a weekly gain of 1.6 percent after advancing 0.7 percent to 7,918.61 on Friday.
South Korea’s KOSPI advanced 2.9 percent, while the TOPIX, Japan’s broadest share gauge, slid 0.4 percent this week, and the Nikkei 225 Stock Average gained 0.5 percent to cap its best back-to-back quarterly performance since 1972. China’s Shanghai Composite Index slumped 3.9 percent, as Australia’s S&P/ASX 200 was little changed.
Hong Kong’s Hang Seng Index climbed 0.8 percent, paring its first quarterly loss since June. The gauge dropped 1.6 percent this year.
Markets in Hong Kong, Australia, New Zealand, Singapore and India were closed on Friday for a holiday. Hong Kong, New Zealand and Australia will reopen on Tuesday.
Stocks rose after residential real-estate prices increased in January by the most since June 2006, the S&P/Case-Shiller Index showed on March 26. Orders for durable goods climbed more than forecast last month, propelled by automobiles and a rebound in commercial aircraft, a US Department of Commerce report showed. The S&P 500 rose to a record, wiping out losses from the financial crisis.
Shares in Hong Kong gained this week during the busiest week for earnings, with about 240 companies reporting. About half of the firms on the Hang Seng Composite Index that reported earnings since Jan. 1 and for which Bloomberg has estimates, exceeded analysts’ forecasts, Bloomberg data show.
In other markets on Thursday:
Wellington rose 0.24 percent, or 10.70 points, to 4,422.75, from Wednesay.
Manila was closed.
Mumbai rose 0.70 percent, or 131.24 points, to 18,835.77 points.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
MAJOR CONTRIBUTOR: Revenue from AI servers made up more than 50 percent of Wistron’s total server revenue in the second quarter, the company said Wistron Corp (緯創) on Tuesday reported a 135.6 percent year-on-year surge in revenue for last month, driven by strong demand for artificial intelligence (AI) servers, with the momentum expected to extend into the third quarter. Revenue last month reached NT$209.18 billion (US$7.2 billion), a record high for June, bringing second-quarter revenue to NT$551.29 billion, a 129.47 percent annual increase, the company said. Revenue in the first half of the year totaled NT$897.77 billion, up 87.36 percent from a year earlier and also a record high for the period, it said. The company remains cautiously optimistic about AI server shipments in the third quarter,
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