Asian stocks posted the biggest weekly advance in a month as US economic data and a surprise interest-rate increase in Australia renewed optimism that the global economic recovery is on track.
Mazda Motor Corp, partly owned by Ford Motor Co, surged 16 percent after it narrowed its full-year loss forecast and US services industries grew after 11 months of contraction. Alumina Ltd rose 7.5 percent after partner Alcoa Inc reported better-than-estimated profit. Sumitomo Mitsui Financial Group Inc climbed 17 percent after the government said lenders won’t have to boost provisions for bad loans to struggling small companies.
The MSCI Asia-Pacific Index advanced 3.8 percent to 118.77 this week, its biggest gain since the period to Sept. 11. The gauge has climbed 68 percent from a five-year low on March 9 as better-than-estimated economic and earnings reports boosted speculation the global economy is recovering from the worst slowdown since World War II.
Australia’s S&P/ASX 200 Index gained 3.3 percent as signs of growth prompted the country to become the first among the G20 nations to lift borrowing costs. The Hang Seng Index climbed 5.5 percent as property stocks rallied after Goldman Sachs Group Inc recommended buying Sino Land Co.
Taiwanese share prices are expected to encounter pressure as the market moves closer to the 7,700 point level amid high liquidity, dealers said on Friday.
Old-economy stocks may continue to draw attention as investors try to park money in a safe haven, while the bellwether electronic sector is likely to see profit-taking after recent strong gains, they said.
For the week to Friday, the weighted index rose 160.08 points, or 2.16 percent, to 7,571.96 after a 0.91 percent increase a week earlier.
Average daily turnover stood at NT$138.80 billion (US$4.31 billion), compared with NT$110.68 billion a week ago.
Other markets on Friday:
SHANGHAI: Up 4.76 percent. The Shanghai Composite Index, which covers both A and B shares, was up 132.29 points to 2,911.72.
SINGAPORE: Flat. The Straits Times Index gained 1.56 points, or 0.06 percent, to 2,652.51. The government is due to release its preliminary estimates of economic data for the third quarter and analysts expect GDP to rise 0.5 percent from a year ago.
KUALA LUMPUR: Up 0.30 percent. The Kuala Lumpur Composite Index gained 3.73 points to 1,233.82.
MUMBAI: Down 1.19 percent. The 30-share SENSEX fell 200.88 points to 16,642.66.
Taiwan aims to open 18 representative offices and seven Taiwan Tourism Information Centers worldwide by next year to attract international visitors, the Tourism Administration said on Saturday. The agency has so far opened three representative offices abroad this year and would open two more before the end of the year, it said. It has also already opened information centers in Jakarta, Mumbai and Paris, and is to open one in Vancouver next month and in Manila in December, it said. Next year, it would also open offices in Amsterdam, Dubai and Sydney, it added. While the Cabinet did not mention international tourists in its
EYES AT SEA: Many marine enthusiasts have expressed interest in volunteering for coastal patrols, which would help identify stowaways and illegal fishing, the CGA said Six thousand coastal patrol volunteers are to be recruited for 159 inspection offices to enhance the nation’s response to “gray zone” conflicts, Coast Guard Administration (CGA) sources said yesterday. Volunteer teams would be established to increase the resilience of coastal defense systems in the wake of two unlawful entries attempted by Chinese over the past three months, Ocean Affairs Council Minister Kuan Bi-ling (管碧玲) said. A former Chinese navy captain drove a motorboat into the Tamsui River (淡水河) in Taipei on the eve of the Dragon Boat Festival in June, while another Chinese man sailed in a rubber boat into the Houkeng
NEXT LEVEL: The defense ministry confirmed that a video released last month featured personnel piloting new FPV drone systems being developed by the Armaments Bureau Taipei and Washington are pushing for their drone companies to work together to establish a China-free supply chain, the Financial Times reported on Friday. A delegation of high-level executives and US government officials were yesterday to arrive in Taipei to discuss with their Taiwanese counterparts collaboration on drone technology procurement and development, the report said. The executives represent 26 US manufacturers of drone and counter-drone systems, while the officials are from the US Department of Commerce and the US Department of Defense’s Defense Innovation Unit, along with Dev Shenoy, principal director for microelectronics in the Office of the Under Secretary of Defense
‘ANONYMOUS 64’: A national security official said that it is an attempt by China to increase domestic anti-Taiwanese sentiment and inflame cross-strait tensions The Ministry of National Defense’s (MND) Information, Communications and Electronic Force Command (ICEFCOM) yesterday denied accusations by China that it had undermined regional security by carrying out cyberattacks against targets in China, adding instead that Beijing was responsible for raising tensions and undermining regional peace. The Chinese Ministry of State Security on WeChat accused a hacker group called “Anonymous 64” of targeting China, Hong Kong and Macau starting earlier this year through frequent cyberattacks. The group carried out cyberattacks to seize control of Web sites, outdoor electronic billboards and video-on-demand platforms in China, Hong Kong and Macau, it said, adding the hackers’