Asian stocks rose this week, driving the MSCI Asia-Pacific Index up the most since December, as US economic reports eased concern that deficits in Europe will slow a global recovery, and brokerages boosted investment ratings.
Samsung Electronics Co, Asia’s biggest semiconductor maker, gained 3.1 percent in Seoul this week on the outlook for chip demand. Nissan Motor Co jumped 6.2 percent in Tokyo after Citigroup Inc reiterated its “buy” rating on the carmaker. CNOOC Ltd (中國海洋石油), China’s largest offshore oil producer, rose 4.7 percent in Hong Kong as crude oil exceeded US$75 a barrel and analysts recommended the stock. Nintendo Co soared 16 percent in Osaka, Japan, after introducing a new video-game player.
The MSCI Asia-Pacific Index rose 3.3 percent this week, the most since the period ended Dec. 4. It has lost 3.6 percent this year on concern Greece and other European countries will struggle to curb their budget deficits and repay debt.
“There was a lot of pessimism about what’s happening in Europe that took the market down,” said Tim Leung, who helps manage about US$1.5 billion at IG Investment Ltd in Hong Kong. “It’s rebounding from that pessimism.”
Japan’s Nikkei 225 Stock Average rose 3 percent this week, South Korea’s KOSPI Index climbed 2.2 percent, Hong Kong’s Hang Seng Index gained 2.1 percent, and Taiwan’s TAIEX increased 2.7 percent. China’s Shanghai Composite Index declined 2.2 percent in a two-day week shortened by holidays.
Taiwanese share prices closed down 0.30 percent on Friday, with the market in consolidation mode. Traders said the shrinking volume means the market is likely to keep moving within a narrow range in the early part of next week.
The TAIEX fell 22.67 points to 7,493.11, after moving between 7,459.93 and 7,538.55 on Friday.
“The turnover was just too low to drive the market higher,” said Benson Huang, an analyst at Taiwan International Securities Corp (金鼎證券), adding that the broader market index faced strong resistance at around 7,530.
“The index might need to build a solid base at around 7,400 in the next three to four days before moving higher again,” Huang said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest maker of custom chips, increased 3.6 percent to NT62.7 in Taipei.
Global sales in the chip industry will increase almost 30 percent this year, compared with an April forecast of 22 percent, TSMC chairman and CEO Morris Chang (張忠謀) said this week.
Other markets on Friday:
Kuala Lumpur closed up 1.01 percent, or 13.22 points, from Thursday at 1,317.69.
Manila rose 0.67 percent, or 21.96 points, from Thursday to close at 3,335.48.
Wellington was flat, closing 1.78 points higher from Thursday at 3,047.50.
Mumbai fell 0.26 percent, or 45.87 points, from Thursday to 17.570.82.
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