Asian shares rose last week, driving the MSCI Asia Pacific Index to a five-month high, as forecasts from Commonwealth Bank of Australia and Intel Corp boosted finance and technology companies.
Commonwealth Bank, the nation’s biggest lender, jumped 2.3 percent in Sydney after saying first-half unaudited cash profit rose.
Hynix Semiconductor Inc climbed 2.6 percent in Seoul as Intel forecast first-quarter sales that beat analyst estimates.
JFE Holdings Inc, Japan’s second-largest steelmaker by market value, fell 3.4 percent on speculation it may have to pay more for iron ore.
Cnooc Ltd, China’s largest offshore oil producer, sank 1.1 percent as crude fell for a fifth day.
The MSCI Asia Pacific Index gained 0.5 percent to 126.95 at 5:50pm in Tokyo, its highest level since Aug. 12.
The measure rose 2.2 percent in the previous five days. The gauge surged 53 percent in the past year on signs of recovery in the region’s economies.
“The good news is still flowing through, but some of it is looking a bit more mixed,” said Shane Oliver, head of investment strategy in Sydney at AMP Capital Investors, which oversees about US$90 billion globally.
“Investors are feeling a bit cautious,” he said.
Japan’s Nikkei 225 Stock Average gained 0.7 percent. The Shanghai Composite Index added 0.3 percent.
South Korea’s KOSPI Index climbed 1 percent.
Daewoo Shipbuilding & Marine Engineering Co surged 15 percent in Seoul after Posco’s chief executive officer said he would consider a bid for the shipbuilder.
The MSCI Asia Pacific Index was set for its fourth weekly advance as reports last week of a bigger-than-expected increase in Australian jobs, a surge in Chinese exports and Japanese machine-tool orders boosted confidence in the strength of the global economy.
The gauge has climbed 80 percent from its lowest level in more than five years on March 9, outpacing gains of 70 percent by the S&P 500 and 64 percent for Europe’s Dow Jones Stoxx 600 Index.
Stocks in the MSCI measure are valued at 20 times estimated earnings, compared with 15 times for the S&P and 13 times for the Stoxx 600.
Hong Kong fell 0.29 percent, or 62.79 points, to 21,654.16.
TAIPEI
The TAIEX index climbed 66.91, or 0.8 percent, to close at 8,356.89, the highest since June 2008.
The index rose 0.9 percent this week, the fourth straight weekly gain.
Other regional markets:
KUALA MUMPUR: Malaysian shares were up 0.30 percent, or 3.87 points, at 1,298.58.
JAKARTA: Indonesian shares were flat, rising 1.91 points to 2,647.09.
MANILA: Philippine shares lost 0.11 percent, or 3.44 points, to 3,118.47 on profit-taking.
WELLINGTON: New Zealand shares fell 0.62 percent, or 20.38 points, to 3,257.95.
MUMBAI: Indian shares eased 0.17 percent, or 30.57 points, to 17,554.30.
Dealers unwound stocks ahead of the weekend, on growing concerns the central bank could tighten monetary policy to curb inflation.
STILL COMMITTED: The US opposes any forced change to the ‘status quo’ in the Strait, but also does not seek conflict, US Secretary of State Marco Rubio said US President Donald Trump’s administration released US$5.3 billion in previously frozen foreign aid, including US$870 million in security exemptions for programs in Taiwan, a list of exemptions reviewed by Reuters showed. Trump ordered a 90-day pause on foreign aid shortly after taking office on Jan. 20, halting funding for everything from programs that fight starvation and deadly diseases to providing shelters for millions of displaced people across the globe. US Secretary of State Marco Rubio, who has said that all foreign assistance must align with Trump’s “America First” priorities, issued waivers late last month on military aid to Israel and Egypt, the
France’s nuclear-powered aircraft carrier and accompanying warships were in the Philippines yesterday after holding combat drills with Philippine forces in the disputed South China Sea in a show of firepower that would likely antagonize China. The Charles de Gaulle on Friday docked at Subic Bay, a former US naval base northwest of Manila, for a break after more than two months of deployment in the Indo-Pacific region. The French carrier engaged with security allies for contingency readiness and to promote regional security, including with Philippine forces, navy ships and fighter jets. They held anti-submarine warfare drills and aerial combat training on Friday in
COMBAT READINESS: The military is reviewing weaponry, personnel resources, and mobilization and recovery forces to adjust defense strategies, the defense minister said The military has released a photograph of Minister of National Defense Wellington Koo (顧立雄) appearing to sit beside a US general during the annual Han Kuang military exercises on Friday last week in a historic first. In the photo, Koo, who was presiding over the drills with high-level officers, appears to be sitting next to US Marine Corps Major General Jay Bargeron, the director of strategic planning and policy of the US Indo-Pacific Command, although only Bargeron’s name tag is visible in the seat as “J5 Maj General.” It is the first time the military has released a photo of an active
CHANGE OF MIND: The Chinese crew at first showed a willingness to cooperate, but later regretted that when the ship arrived at the port and refused to enter Togolese Republic-registered Chinese freighter Hong Tai (宏泰號) and its crew have been detained on suspicion of deliberately damaging a submarine cable connecting Taiwan proper and Penghu County, the Coast Guard Administration said in a statement yesterday. The case would be subject to a “national security-level investigation” by the Tainan District Prosecutors’ Office, it added. The administration said that it had been monitoring the ship since 7:10pm on Saturday when it appeared to be loitering in waters about 6 nautical miles (11km) northwest of Tainan’s Chiang Chun Fishing Port, adding that the ship’s location was about 0.5 nautical miles north of the No.
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