Asian stocks rose this week, with the regional benchmark index extending its first weekly gain in seven weeks after US earnings beat estimates and data signaled stronger European growth.
China Unicom (Hong Kong) Ltd (中國聯通), China’s second-largest mobile carrier, rose 1.3 percent in Hong Kong after reporting that its nine-month profit grew.
In Tokyo, Fujifilm Holdings Corp gained 2.5 percent after saying that its Avigan drug may be included among experimental Ebola treatments to be tested by aid group Doctors Without Borders, while Hitachi Ltd added 3.6 percent after preliminary profit beat its forecast.
The MSCI Asia Pacific Index advanced 0.3 percent to 137.45 as of 4:03pm in Hong Kong on Friday and was heading for a 2.8 percent weekly advance after entering a correction last week.
However, shares pared gains after a doctor tested positive for the Ebola virus in New York City.
“We are getting good earnings data out of the US,” said Tim Schroeders, a portfolio manager at Pengana Capital Ltd in Melbourne. “The market seems to be moving from one data point to the next data point without conviction and there’s a lot of volatility.”
In Taipei, the TAIEX fell 85.06 points, or 0.97 percent, on Friday to close at 8,646.01, after foreign institutional investors served as net sellers of NT$5.96 billion (US$196 million) worth of local shares, dealers said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) fell 1.57 percent to NT$125.5, while Acer Inc (宏碁) ended the day 1.23 percent lower at NT$20.15.
In China, the Shanghai Composite Index posted its biggest weekly loss in four months as concern that initial public offerings will divert funds from existing shares and a planned stock link with Hong Kong will be delayed sent shares down the most since March compared with their Hong Kong counterparts.
Shanghai ended Friday’s session flat, slipping 0.14 points to 2,302.28.
The Hang Seng China AH Premium Index, which measures the valuation gap between dual-listed stocks in China and Hong Kong, recorded its biggest loss since March this week.
In Hong Kong on Friday, the Hang Seng Index fell 0.1 percent and the Hang Seng China Enterprises Index of Chinese shares traded in the territory dropped 0.5 percent.
In Tokyo, the TOPIX rose 0.8 percent on Friday, capping the steepest weekly gain since April last year.
The Japanese index gained 5.53 percent this week after closing up 0.79 percent, or 152.68 points, at 15,291.64 on Friday. Stocks were pushed up by the US dollar — trading at its strongest levels in two weeks — rising into the 108¥ range, with risk sentiment lifted by encouraging Chinese manufacturing data and solid readings for eurozone business activity on Thursday.
A weak yen is positive for Japanese exporters because it makes them more competitive abroad and inflates profits when repatriated.
Despite the surge, Tokyo investors will likely be keeping a close eye on the situation in New York.
Elsewhere in the region, South Korea’s KOSPI lost 0.3 percent, Australia’s S&P/ASX 200 Index added 0.5 percent, New Zealand’s NZX 50 Index advanced 0.8 percent and Thailand’s SET Index added 0.4 percent. India’s market was closed for a holiday.
In other markets on Friday:
Manila closed down 0.18 percent, or 12.58 points, from Thursday at 7,103.55.
Wellington rose 0.77 percent, or 41 points, to end on 5,333.83.
Additional reporting by CNA
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