Asian stocks completed their biggest weekly gain since November as BHP Billiton Ltd advanced on rising commodity prices and oil companies, including China National Offshore Oil Corp Ltd (CNOOC,
BHP, the world's biggest mining company, climbed after prices for oil and metals rose. CNOOC, China's largest offshore oil explorer, advanced after saying second-half net income increased 14 percent.
"Solid corporate earnings and the strength of commodity prices have restored some confidence and stirred buying," said Lu Yizhen, who oversees the equivalent of US$1.3 billion at Citic-Prudential Fund Management Co in Shanghai.
The MSCI Asia Pacific Index climbed 4.3 percent this week, the most since the period ended Nov. 30. The measure pared its loss this year to 10 percent. Japan's Nikkei 225 Stock Average gained 2.7 percent. Benchmarks around the region rose, except in China and Vietnam.
Producers of raw materials and energy were the two best performing industry groups this week. BHP rose 6.4 percent to A$36.05 in Sydney. Rio Tinto Group, the world's third-biggest mining company, gained 5.7 percent to A$122.90. Both stocks had their best weeks since Feb. 15.
A measure of six metals traded on the London Metal Exchange advanced 6.4 percent, the best week since March last year.
CNOOC advanced 17 percent to HK$11.88 in Hong Kong, the biggest weekly gain since August.
TAIPEI
Taiwanese share prices closed up 0.2 percent on Friday on hopes that relations with China would improve under president-elect Ma Ying-jeou (
Dealers said expectations were renewed by reports Chinese President Hu Jintao (
The TAIEX closed up 17.53 points at 8,623.48. Turnover was NT$155.4 billion (US$5.11 billion).
Hu's comments "renewed expectations of direct transport links across the strait and boosted transport stocks," said Frank Lin (
TOKYO
Japanese share prices closed up 1.7 percent, reversing early losses as a strong performance by other Asian markets helped to offset worries about the US and Japanese economies.
Dealers said fund managers were adjusting their portfolios ahead of the closing of their books tomorrow, the end of the current fiscal year.
The Nikkei-225 index rose 215.89 points to end at 12,820.47.
After a weak opening, the market rose gradually as investors bought back shares, pushing the benchmark Nikkei index up by 270 points at one stage.
HONG KONG
Hong Kong share prices closed sharply higher, up 2.74 percent, as China stocks surged following a strong rebound in Shanghai.
Chinese insurers rallied after mainland and Hong Kong regulators signed an agreement regarding supervision of investment activities here by mainland insurers.
The Hang Seng index closed up 621.73 points at 23,285.95.
SYDNEY
Australian share prices closed down 0.4 percent on renewed worries of further credit trouble in the US and domestically.
The S&P/ASX 200 fell 20.5 points to 5,351.1.
SHANGHAI
Chinese share prices soared 4.94 percent amid speculation of government support for the market with the launch of stock index futures and a stamp duty cut.
The Shanghai Composite Index, which covers A and B shares, closed up 168.65 points at 3,580.15.
SEOUL
South Korean shares closed 1.5 percent higher as traders shrugged off North Korea's missile tests and boosted portfolios before the end of the first quarter.
The KOSPI index ended up 25.59 points at 1,701.83.
SINGAPORE
Singapore share prices closed 0.22 percent higher after investors shook off initial worries over Wall Street's overnight decline and picked up attractively priced blue chips.
The Straits Times Index rose 6.70 points to 3,031.90.
KUALA LUMPUR
Malaysian share prices closed 0.4 percent higher on continued bargain hunting and window dressing activities as the first quarter draws to a close.
The composite index gained 4.38 points to 1,258.41.
BANGKOK
Thai share prices closed 0.27 percent higher, mainly on profit-taking as investors remained concerned about the prospects for the US economy. The composite index rose 2.21 points to 825.17.
JAKARTA
Indonesian share prices closed 1.1 percent higher on Friday, led by coal producer Bumi Resources and telecommunications company Indosat on earnings hopes.
The Composite Index closed up 26.24 points at 2,477.59.
MANILA
Share prices closed 1.0 percent higher on window-dressing as fund managers tidied up their portfolios for the end of the first quarter.
The composite index closed up 30.11 points at 2,956.02.
MUMBAI
Indian share prices rose 2.22 percent, as global markets recovered amid hopes that the impact of a US economic slowdown on Asia were exaggerated.
The SENSEX rose 355.73 points to 16,371.29.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to
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