Asian stocks rose every day this week on speculation of takeovers among mining companies and after technology companies forecast profits will increase.
BHP Billiton Ltd climbed to a record after The Australian newspaper reported Chinese interests want to team up with an Australian fund to purchase a 9 percent stake.
Sony Corp, the world’s second-biggest maker of consumer electronics, climbed after it said operating profit will gain 20 percent this year. Fujitsu Ltd rose after it forecast profit will more than double.
“You’ll see a lot more M&A activity as more players come in,” said Hugh Young, who oversees US$52 billion as managing director of Aberdeen Asset Asia in Singapore. “Fundamentals here in Asia look strong.”
The MSCI Asia-Pacific Index advanced 3.3 percent to 153.80 this week. Materials producers gained 4.1 percent, the most among the index’s 10 industry groups, while technology companies rose 1.7 percent.
Taiwanese share prices are expected to extend their momentum next week as investors remain upbeat over cross-strait relations after president-elect Ma Ying-jeou (馬英九) of the Chinese Nationalist Party (KMT) takes office on Tuesday, dealers said on Friday.
The market anticipates Ma will in his inaugural speech detail plans to allow more Chinese tourists, lift a ban on cross-strait direct transport links, and relax China-bound investment restrictions, they said.
Foreign investors were expected to increase their positions in electronic and financial heavyweights and boost the broader market after being held in the sidelines in recent trade.
The benchmark could encounter technical pressure as it moves closer to the crucial 9,400-point level with any downside likely to see a floor at around 9,050 points.
For the week to Friday, the weighted index closed up 405.02 points or 4.61 percent at 9,197.41 after a 1.91 percent fall a week earlier.
“Embracing high hopes on better ties with China, foreign investors are likely to dominate market movements next week as they did this week,” Grand Cathay Securities Co (大華證券) analyst Mars Hsu said.
Apart from highly weighted electronic and financial stocks favored by foreign investors, Hsu said, tourism, transport and property sectors may also benefit from positive market sentiment.
TAIPEI
Taiwanese share prices closed 0.44 percent higher from Thursday, dealers said.
The TAIEX closed up 40.23 points at 9,197.41 on turnover of NT$180.87 billion.
TOKYO
Japanese share prices closed narrowly mixed as investors locked in gains after the benchmark index hit a four-month high a day earlier in tandem with recent gains on Wall Street, dealers said.
The benchmark Nikkei-225 index fell 32.26 points or 0.23 percent to end at 14,219.48, but the broader TOPIX index of all first-section shares gained 3.00 points or 0.22 percent to 1,395.87.
HONG KONG
Hong Kong share prices closed up 0.41 percent, dealers said.
The Hang Seng index closed up 105.15 points at 25,618.86.
SYDNEY
The Australian share market rose 0.7 percent, dealers said.
The benchmark SP/ASX 200 gained 40.3 points to close at 5,931, while the broader All Ordinaries climbed 41.2 points to 6,006.1.
SHANGHAI
Chinese share prices closed down 0.36 percent, dealers said.
The benchmark Shanghai Composite Index, which covers A and B shares, closed down 13.09 points at 3,624.23.
The Shanghai A-share Index was down 0.36 percent at 3,802.85. The Shenzhen A-share Index fell 0.79 percent at 1,181.63.
The Shanghai B-share Index lost 0.83 percent to 257.83. The Shenzhen B-share Index was down 0.48 percent to 556.78.
SEOUL
South Korean share prices closed 0.2 percent higher, dealers said.
The index ended up 3.17 points at 1,888.88, its highest since Dec. 28.
SINGAPORE
Singapore share prices closed 1.06 percent higher, dealers said.
The blue-chip Straits Times Index rose 34.06 points to 3,241.49.
MUMBAI
Indian share prices closed up 0.47 percent, dealers said.
The benchmark Mumbai 30-share SENSEX rose 81.4 points to 17,434.9.
DISCONTENT: The CCP finds positive content about the lives of the Chinese living in Taiwan threatening, as such video could upset people in China, an expert said Chinese spouses of Taiwanese who make videos about their lives in Taiwan have been facing online threats from people in China, a source said yesterday. Some young Chinese spouses of Taiwanese make videos about their lives in Taiwan, often speaking favorably about their living conditions in the nation compared with those in China, the source said. However, the videos have caught the attention of Chinese officials, causing the spouses to come under attack by Beijing’s cyberarmy, they said. “People have been messing with the YouTube channels of these Chinese spouses and have been harassing their family members back in China,”
The Central Weather Administration (CWA) yesterday said there are four weather systems in the western Pacific, with one likely to strengthen into a tropical storm and pose a threat to Taiwan. The nascent tropical storm would be named Usagi and would be the fourth storm in the western Pacific at the moment, along with Typhoon Yinxing and tropical storms Toraji and Manyi, the CWA said. It would be the first time that four tropical cyclones exist simultaneously in November, it added. Records from the meteorology agency showed that three tropical cyclones existed concurrently in January in 1968, 1991 and 1992.
GEOPOLITICAL CONCERNS: Foreign companies such as Nissan, Volkswagen and Konica Minolta have pulled back their operations in China this year Foreign companies pulled more money from China last quarter, a sign that some investors are still pessimistic even as Beijing rolls out stimulus measures aimed at stabilizing growth. China’s direct investment liabilities in its balance of payments dropped US$8.1 billion in the third quarter, data released by the Chinese State Administration of Foreign Exchange showed on Friday. The gauge, which measures foreign direct investment (FDI) in China, was down almost US$13 billion for the first nine months of the year. Foreign investment into China has slumped in the past three years after hitting a record in 2021, a casualty of geopolitical tensions,
‘SOMETHING SPECIAL’: Donald Trump vowed to reward his supporters, while President William Lai said he was confident the Taiwan-US partnership would continue Donald Trump was elected the 47th president of the US early yesterday morning, an extraordinary comeback for a former president who was convicted of felony charges and survived two assassination attempts. With a win in Wisconsin, Trump cleared the 270 electoral votes needed to clinch the presidency. As of press time last night, The Associated Press had Trump on 277 electoral college votes to 224 for US Vice President Kamala Harris, the Democratic Party’s nominee, with Alaska, Arizona, Maine, Michigan and Nevada yet to finalize results. He had 71,289,216 votes nationwide, or 51 percent, while Harris had 66,360,324 (47.5 percent). “We’ve been through so
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