Shares rose in Asia on Friday, despite data suggesting economies are slowing. The advance tracked gains on Wall Street, where the market later posted its first weekly gain after three weeks of punishing losses.
The MSCI Asia Pacific Index rose 1.19 percent to 159.21, gaining 1.5 percent for the week.
The TAIEX on Friday added 0.84 percent to 15,303.32 points, down 2.16 percent weekly.
Photo: AP
The KOSPI in Seoul on Friday jumped 2.26 percent to 2,366.60, but it was still down 3 percent for the week.
Hong Kong’s Hang Seng on Friday advanced 2 percent to 21,719.06, up 3 percent weekly, and the Shanghai Composite Index added 0.9 percent to 3,349.75, rising 1 percent for the week.
In Australia, the S&P/ASX 200 on Friday rose 0.8 percent to 6,577.40, bringing its weekly gain to 1.6 percent.
India’s SENSEX on Friday added 0.9 percent to 52,727.98, up 2.7 percent for the week.
Market players are looking ahead to US inflation data due next week. They appeared to shrug off preliminary data showing a slowing of factory activity in several countries including Japan.
The manufacturing manager surveys of “several developed economies came in lower than expected in both the manufacturing and services sector, which points to a broad-based moderation in economic activities,” Jun Rong Yeap of IG said in a commentary.
Japan’s benchmark Nikkei 225 index on Friday gained 1.23 percent to close at 26,491.97, up 2 percent weekly, while the broader TOPIX rose 0.81 percent to 1,866.72, taking its weekly gain to 1.7 percent.
“The rise of the Dow index yesterday gave a sense of relief,” Okasan Online Securities said, with the Tokyo market boosted by gains in shipping and chip-linked shares.
Advantest Corp, a major producer of tools to build semiconductors, jumped 3.50 percent while chipmaking equipment manufacturer Tokyo Electron Ltd soared 3.98 percent.
Shipping shares were also higher, with Nippon Yusen KK rising 2 percent and Mitsui OSK Lines growing 3.91 percent.
Market heavyweight Softbank Group gained 2.37 percent.
Automakers were lower, with Toyota Motor Corp falling 0.7 percent, Honda Motor Co losing 1.42 percent and Nissan Motor Co dropping 1.16 percent.
A report on Friday showed inflation in Japan remained at 2.1 percent last month, pushed higher by energy costs and a weaker currency.
However, underlying core inflation, which excludes volatile costs for energy and fresh foods, remained at 0.8 percent and the central bank is unlikely to follow the example of the US Federal Reserve and other central banks in raising interest rates, analysts said.
The Bank of Japan “isn’t convinced that this will be sustainable because wage growth remains soft and higher energy costs are weighing on corporate profits and consumer sentiment,” Marcel Thieliant of Capital Economics said in a report.
Additional reporting by AFP, with staff writer
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