Happy Friday indeed, with four major stock benchmarks across Asia gaining at least 1 percent at some point during the day.
Comments that the US-China trade negotiations are “miles and miles” away from getting a resolution did not deter equity bulls, and regional stocks have shown some resilience to close out a third straight week of advances.
The last time they saw a winning streak like this was in July last year.
Thanks to a tech rally, the benchmark MSCI Asia-Pacific Index climbed a second day as markets across the region, including Taiwan, Tokyo, Hong Kong and South Korea, surged.
The weekly gains in Asia contrasted with the wider global benchmark MSCI All-Country World Index, which posted a 0.5 percent loss, its first in five weeks.
The MSCI Asia-Pacific Index on Friday gained 1.3 percent to 154.86, up 1 percent for the week.
As the US earnings season continues apace, wider concerns remain about the health of the global economy amid ongoing trade talks, a record US government shutdown and developments on Brexit.
There were certainly some jitters in the US session after US Secretary of Commerce Wilbur Ross said that the US and China were “miles and miles from getting a resolution” in an interview on CNBC on Thursday.
In a later interview with Bloomberg TV, Ross said the two sides are eager to end their trade spat, but the outcome would hinge on whether Beijing will deepen economic reforms.
For now, Asia investors appear to be choosing to look on the bright side.
Chipmakers and technology stocks are helping drive gains across Taiwan, Japan and South Korea, picking up from a jump in their US peers as Xilinx Inc surged after posting third-quarter earnings that topped analyst estimates.
Investors are so far shrugging off results from Intel Corp that missed estimates.
Samsung Electronics Co and Taiwan Semiconductor Manufacturing Co (台積電) gained 4 percent and 1.6 percent respectively.
In Taipei, the TAIEX on Friday rose 92.49 points, or 0.94 percent, to close at 9,969.61, up 1.4 percent from last week’s 9,836.06 points.
Hong Kong’s Hang Seng Index rose for a third day, ahead of the one-year anniversary of its all-time high.
Singapore’s Straits Times Index was none the worse for wear, up 0.4 percent a day after investors were thrown for a loop by a brief US$41 billion crash in Jardine Matheson Holdings Ltd, the city-state’s largest stock.
Japan’s TOPIX on Friday rose 0.9 and Nikkei 225 added 1 percent.
In Hong Kong, the Hang Seng Index and the Hang Seng China Enterprises both rose 1.7 percent, while the Shanghai Composite edged up 0.4 percent and the CSI 300 gained 0.8 percent.
South Korea’s KOSPI on Friday added 1.5 percent and the KOSPI 200 surged 1.8 percent.
Australia’s S&P/ASX 200 gained 0.7 percent, while New Zealand’s S&P/NZX 50 was little changed.
India’s S&P BSE SENSEX Index lost 0.5 percent and the NSE NIFTY 50 shed 0.7 percent.
Singapore’s Straits Times Index and Malaysia’s KLCI both rose 0.4 percent.
The Philippine Stock Exchange Index slipped 0.1 percent, while the Jakarta Composite edged up 0.3 percent.
Thailand’s SET inched up 0.1 percent and Vietnam’s VN Index was little changed.
Additional reporting by CNA
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