Asian stocks rose this week, led by banks and consumer electronics makers, on speculation turmoil in global credit markets will ease.
Mitsubishi UFJ Financial Group Inc, Japan’s largest bank by assets, advanced. Matsushita Electric Industrial Co posted its biggest gain since 1986 in Osaka, Japan, after its profit forecast beat analysts’ estimates. Origin Energy Ltd surged to a record in Sydney after receiving a A$12.9 billion (US$12 billion) takeover bid. Newcrest Mining, Australia’s largest gold producer, slumped after the price of the metal fell.
“Definitely the worst of the credit crisis is behind us,” said Ivan Leung, Hong Kong-based chief investment strategist at JPMorgan Private Bank, which oversees US$400 billion in assets. “Risk aversion has begun to fade away and we’re back to a normal environment.”
The MSCI Asia Pacific Index added 1.6 percent to 151.62, gaining for the second straight week. The benchmark climbed 7.8 percent last month, its biggest monthly advance since September 2005.
A measure of bank stocks on the regional benchmark rose 4.7 percent this week, the largest gain among 10 industry groups. An index of commodity producers slumped 1 percent.
Japan’s Nikkei 225 Stock Average rose 1.3 percent, capping a seven-week, 15 percent advance. China’s benchmark CSI 300 Index added 4.1 percent. Asian stock markets were closed on May 1 for a holiday, apart from Japan, Australia and New Zealand. China’s stock markets were also shut on Friday.
TAIPEI
Taiwanese share prices closed 0.49 percent higher on Friday, dealers said.
The weighted index closed up 43.71 points at 8,963.63 on turnover of NT$177.76 billion (US$5.83 billion).
Samson Chueh (闕山雄), an assistant vice president at Yuanta Core Pacific Capital Management Co (元大投顧), said the Wall Street rally convinced investors to stay positive about Taiwan.
For the week, the weighted index closed up 15.8 points, or 0.18 percent, after a 1.39 percent fall a week earlier.
TOKYO
Japanese share prices closed up 2.05 percent at the highest level in almost four months after overnight gains on Wall Street and a weakening of the yen, which boosted exporters, dealers said.
The benchmark Nikkei-225 index rose 282.40 points to 14,049.26, the best finish since Jan. 11.
The broader TOPIX index of all first-section shares advanced 31.29 points or 2.32 percent to 1,377.39.
HONG KONG
Hong Kong share prices closed up 1.89 percent, dealers said.
The Hang Seng index closed up 485.67 points at 26,241.02.
“Local shares rose mainly on overseas leads,” said Eric Yuen of Dao Heng Securities.
SYDNEY
Australian shares closed up 2.1 percent, dealers said.
The benchmark S&P/ASX 200 added 114.6 points to close at 5,700.4, while the broader All Ordinaries index rose 107.7 points to 5,760.4.
SEOUL
South Korean shares closed up 1.3 percent, dealers said.
The benchmark KOSPI index closed up 22.80 points at 1,848.27.
SINGAPORE
Singapore share prices closed 2.81 percent higher, dealers said.
The blue-chip Straits Times Index rose 88.31 points to 3,236.10.
MANILA
Philippine share prices closed 1.0 percent lower, dealers said.
The composite index lost 26.82 points at 2,722.95.
The all-share index fell 12.04 points to 1,703.53.
WELLINGTONV
New Zealand share prices closed 0.85 percent higher, dealers said.
The NZX-50 gross index rose 30.93 points to 3,661.34.
MUMBAI
Indian share prices rose 1.81 percent, dealers said.
The benchmark Mumbai 30-share SENSEX index rose 312.81 points to 17,600.12 points.
“We are not out of the woods yet. Global uncertainties could pull the markets back,” said Ved Prakash Chaturvedi, managing director at Tata Mutual fund.
AIR SUPPORT: The Ministry of National Defense thanked the US for the delivery, adding that it was an indicator of the White House’s commitment to the Taiwan Relations Act Deputy Minister of National Defense Po Horng-huei (柏鴻輝) and Representative to the US Alexander Yui on Friday attended a delivery ceremony for the first of Taiwan’s long-awaited 66 F-16C/D Block 70 jets at a Lockheed Martin Corp factory in Greenville, South Carolina. “We are so proud to be the global home of the F-16 and to support Taiwan’s air defense capabilities,” US Representative William Timmons wrote on X, alongside a photograph of Taiwanese and US officials at the event. The F-16C/D Block 70 jets Taiwan ordered have the same capabilities as aircraft that had been upgraded to F-16Vs. The batch of Lockheed Martin
GRIDLOCK: The National Fire Agency’s Special Search and Rescue team is on standby to travel to the countries to help out with the rescue effort A powerful earthquake rocked Myanmar and neighboring Thailand yesterday, killing at least three people in Bangkok and burying dozens when a high-rise building under construction collapsed. Footage shared on social media from Myanmar’s second-largest city showed widespread destruction, raising fears that many were trapped under the rubble or killed. The magnitude 7.7 earthquake, with an epicenter near Mandalay in Myanmar, struck at midday and was followed by a strong magnitude 6.4 aftershock. The extent of death, injury and destruction — especially in Myanmar, which is embroiled in a civil war and where information is tightly controlled at the best of times —
Taiwan was ranked the fourth-safest country in the world with a score of 82.9, trailing only Andorra, the United Arab Emirates and Qatar in Numbeo’s Safety Index by Country report. Taiwan’s score improved by 0.1 points compared with last year’s mid-year report, which had Taiwan fourth with a score of 82.8. However, both scores were lower than in last year’s first review, when Taiwan scored 83.3, and are a long way from when Taiwan was named the second-safest country in the world in 2021, scoring 84.8. Taiwan ranked higher than Singapore in ninth with a score of 77.4 and Japan in 10th with
SECURITY RISK: If there is a conflict between China and Taiwan, ‘there would likely be significant consequences to global economic and security interests,’ it said China remains the top military and cyber threat to the US and continues to make progress on capabilities to seize Taiwan, a report by US intelligence agencies said on Tuesday. The report provides an overview of the “collective insights” of top US intelligence agencies about the security threats to the US posed by foreign nations and criminal organizations. In its Annual Threat Assessment, the agencies divided threats facing the US into two broad categories, “nonstate transnational criminals and terrorists” and “major state actors,” with China, Russia, Iran and North Korea named. Of those countries, “China presents the most comprehensive and robust military threat