Asian equities posted their biggest weekly jump in four months amid expectations that a global economic recovery is intact, with the benchmark regional gauge on course for its longest string of gains since April.
The MSCI Asia Pacific Index rose for a fifth day on Friday, adding 0.4 percent to 156.81 as of 4:41pm in Hong Kong.
The measure gained 2.7 percent this week, its best weekly performance since the period through March 17.
A group of energy shares led the rally as crude oil posted a weekly gain.
Toyota Motor Corp rose as the Japanese yen weakened, helping the TOPIX advance ahead of a three-day weekend.
“Asian equities continue to rally as investors are becoming bullish about the prospect of a sustainable global economic recovery,” said Jemmy Paul, investment director at PT Sucorinvest Asset Management in Jakarta. “Stronger crude might suggest that the economy can withstand a higher oil price without having any significant impact on growth.”
Hong Kong stocks rose for the fifth straight day on Friday, recording their best weekly gain in a year, as the previous week’s correction attracted bargain hunting from Chinese investors.
Sentiment was also aided by a generally upbeat mood in Asian markets, amid consensus that the US Federal Reserve will pursue a gradual rate tightening path.
The weighted index on the Taiwan Stock Exchange ended down 16.24 points, or 0.16 percent, at 10,443.91. The TAIEX is up 1.4 percent from last week’s 10,297.25.
The Hang Seng index on Friday rose 0.2 percent to 26,389.23, while the China Enterprises Index (HSCE) gained 0.5 percent to 10,728.07 points.
For the week, Hang Seng jumped 4.1 percent, the best showing since July last year. The HSCE rose 4.6 percent.
Most sectors climbed, with property firms and raw material stocks leading the gains.
Vanke Co (萬科) jumped 2.4 percent, before trading in the company’s shares was halted.
In Japan, the TOPIX rose 0.4 percent and the Nikkei 225 Index inched up 0.1 percent.
The Shanghai Composite Index added 0.1 percent.
Australia’s S&P/ASX 200 Index and New Zealand’s NZX 50 both rose 0.5 percent.
South Korea’s KOSPI gained 0.2 percent and the KOSPI 200 rose 0.3 percent, extending a rally from record highs.
Singapore’s Straits Times Index rose 0.9 percent, while FTSE Bursa Malaysia KLCI Index slid 0.1 percent and the Philippine Stock Exchange PSEi Index lost 0.6 percent.
India’s SENSEX and NSE NIFTY 50 both lost 0.1 percent.
Additional reporting by CNA
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