Asian stocks rose on Friday, with the region’s benchmark index paring its weekly loss amid signs that the US economy is improving and speculation that China will take steps to prevent a cash crunch before initial public offerings next week.
Samsung Electronics Co, the world’s biggest smartphone maker, gained 1.1 percent in Seoul on Friday, while China’s largest brokers, Citic Securities Co (中信證券) and Haitong Securities Co (海通證券), each climbed at least 3.7 percent following a report that the People’s Bank of China will inject funds into the financial system. Energy stocks led gains on the regional gauge as oil headed for its first weekly advance in eight weeks, with CNOOC Ltd (中國海洋石油) jumping 3.5 percent.
The MSCI Asia Pacific Index rose 0.4 percent to 139.80 as of 4:33pm on Friday in Hong Kong, headed for a 1.4 percent drop this week. Data on US housing and manufacturing added to signs that the world’s No. 1 economy is strong enough to withstand slowing growth in Europe and Asia, as the People’s Bank of China said it is offering 50 billion yuan (US$8.17 billion) in short-term funds to ease a cash shortage in the financial system, a Market News International report said.
China’s Shanghai Composite Index climbed 1.4 percent, erasing the week’s losses, as the People’s Bank of China said initial public offerings are causing volatility in domestic interest rates. Eleven companies will sell such shares next week, seven of them tomorrow. Analysts estimate that the new share sales will probably freeze about 1.6 trillion yuan.
In Taipei, the TAIEX added 0.14 percent, or 12.66 points, on Friday to finish on 9,091.53, compared with 8,982.88 on Nov. 14.
According to the Taiwan Stock Exchange, foreign institutional investors bought a net NT$3.56 billion (US$115 million) worth of local shares to push the weighted index up at the close.
Acer Inc (宏碁) rose 3.32 percent to NT$20.25, while Taiwan Semiconductor Manufacturing Co (台積電) fell 0.36 percent to NT$138.50.
Share purchases in Shanghai and Hong Kong’s bourses have slowed since the a trading link started on Monday. Investors left 76 percent of the Shanghai-Hong Kong exchange link’s quotas unfilled in the first week of trading, with some saying it could take months for cross-border flows to accelerate.
The Hang Seng Index gained 0.4 percent, with casino operator Galaxy Entertainment Group Ltd (銀河娛樂集團) leading the advance over speculation tgat the extension of opening hours of a bridge that links Macau to Guangdong, China, will boost visitors to the gambling hub. The Hang Seng China Enterprises Index climbed 0.7 percent.
In Japan, the TOPIX rose 0.2 percent to 1,400.18 on Friday, reversing losses of as much as 0.9 percent to climb for a fourth day as Japanese Prime Minister Shinzo Abe dissolved parliament ahead of elections. The measure finished the week down less than 0.1 percent after four weeks of gains. The Nikkei 225 Stock Average added 0.3 percent to 17,357.51 on Friday, erasing a 1.1 percent drop.
Elsewhere on Friday, South Korea’s KOSPI gained 0.4 percent, Singapore’s Straits Times Index advanced 0.8 percent, Australia’s S&P/ASX 200 Index dropped 0.2 percent and New Zealand’s NZX 50 Index slipped 0.6 percent, retreating from a record.
In other markets on Friday:
Wellington slipped 0.56 percent, or 31.14 points, from Thursday to close on 5,495.81.
Manila ended the week 0.10 percent higher after adding 7.23 points to finish on 7,276.18.
Mumbai rose 0.95 percent, or 267.07 points, to end the week at 28,334.63.
Additional reporting by AFP and CNA
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
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS