Asian stocks rose, lifting the MSCI Asia-Pacific Index to its biggest weekly increase in three, as Japan said it’s ready to act to rein in the yen and reports showed growth in Chinese and US manufacturing.
Canon Inc, a Japanese camera maker that receives 82 percent of its sales abroad, gained 1.4 percent in Tokyo. Anhui Conch Cement Co (安徽海螺水泥股份), China’s biggest cement maker, climbed 12 percent. BHP Billiton Ltd, the world’s largest mining company, and Jiangxi Copper Co (江西銅業), China’s largest producer of the metal, both rose after metal prices increased. GS Yuasa Corp, which makes storage batteries, jumped 11 percent.
“Investors are kind of relieved because a downward spiral in the global economy had a pause this week,” said Naoki Fujiwara, who helps oversee US$6 billion in Tokyo at Shinkin Asset Management Co. “But investors won’t jump into buying shares just because of that, since there is still a strong sense of uncertainty.”
The MSCI Asia-Pacific Index increased 2.7 percent to 119.99 this week, its steepest weekly advance since the five days to Aug. 6, when the index closed at a three-month high.
Since then the index has slumped about 2 percent as the yen’s advance to a 15-year high against the US dollar and disappointing US data fueled global growth concerns.
Japan’s Nikkei 225 Stock Average climbed 1.4 percent and the Shanghai Composite Index increased 1.7 percent.
Australia’s S&P/ASX 200 Index advanced 3.9 percent after the nation’s GDP grew faster than economists estimated.
South Korea’s Kospi Index rose 2.9 percent even after the Bank of Korea said consumer confidence fell for the first time in five months.
Japanese Finance Minister Yoshihiko Noda this week reiterated Japanese Prime Minister Naoto Kan’s comments on Aug. 27 that the Japanese government is ready to take “bold” action on the currency if necessary.
Taiwan’s TAIEX rose 109.39, or 1.4 percent, to 7,830.21 at the close of Taipei trading on Friday, the third day of gains. The benchmark index advanced 1.4 percent this week, the biggest gain in four weeks.
The machinery and electronics sector posted the highest gains, up 2.2 percent. Cement stocks rose 1.8 percent, textile shares gained 1.0 percent, financial stocks grew 0.7 percent and foodstuffs added 0.6 percent.
The plastics and chemical sector closed up 0.4 percent, while construction stocks fell 1.5 percent and paper and pulp shares dropped 0.3 percent.
“High-tech stocks look attractive after recent heavy losses on fears of falling shipments,” Hua Nan Securities (華南證券) analyst Stan Chang said.
Chang said cheap flat-panel stocks stirred up strong interest from institutional investors and the buying also spread to other segments in the electronics sector to push the index even higher.
Other markets on Friday:
Manila rose 1.86 percent, or 68.16 points, from Thursday to 3,734.70.
Wellington closed up 0.81 percent, or 24.95 points, from Thursday at 3,107.43.
Mumbai closed flat, edging 16.88 points lower from Thursday to 18,221.43.
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