Asian Stocks Set for Best Week Since March on Economic OutlookBy
Energy shares lead gains as crude oil price rebounds
Topix gains ahead of three-day weekend as yen weakens
Asian equities were set for their biggest weekly jump in four months amid expectations that a global economic recovery is intact, with the benchmark regional gauge on course for its longest string of gains since April.
The MSCI Asia Pacific Index rose for a fifth day, adding 0.4 percent to 156.81 as of 4:41 p.m. in Hong Kong. The measure has gained 2.7 percent so far this week, poised for its best weekly performance since the period through March 17. A group of energy shares led the rally as crude oil headed for a weekly gain. Toyota Motor Corp. rose as the Japanese yen weakened, helping the Topix advance ahead of three-day weekend.
“Asian equities continue to rally as investors are becoming bullish about the prospect of a sustainable global economic recovery,” said Jemmy Paul, investment director at PT Sucorinvest Asset Management in Jakarta. “Stronger crude might suggest that the economy can withstand a higher oil price without having any significant impact on growth.”
- Topix index +0.4%, Nikkei 225 Index +0.1%
- Hang Seng Index +0.2%, Hang Seng China Enterprises Index +0.5%, Shanghai Composite Index +0.1%, Taiex -0.2%
- Australia’s S&P/ASX 200 Index +0.5%, New Zealand’s NZX 50 +0.5%
- Kospi +0.2%, Kospi 200 Index +0.3%; gauges extend rally from record high
- Kospi Stocks Gain Foreign Investors as Index Rises, Won Advances
- Straits Times Index +0.9%, FTSE Bursa Malaysia KLCI Index -0.1%, Philippine Stock Exchange PSEi Index -0.6%
- India’s Sensex -0.1%, NSE Nifty 50 Index -0.1%
- India’s Sensex Pares Weekly Advance as TCS Declines on Earnings