Sydney - Asian stocks rose, and an index round out the region correction seventh consecutive week, amid speculation China will not take steps to cool the economy, and easing concerns of Europe's debt crisis will hurt the bank.
MSCI Asia Pacific Index rose 1.2% to 132.19, and during the week up 2%, the biggest since the period ended April 22. More than three stocks rose for each that fell.
Nader Naeimi, strategist for AMP Capital Investors Ltd., Sydney said, high oil prices is a major constraint on the recovery is fragile, but anything that gives energy to the market is positive for growth, "In Greece, they manage the problem, and any advances to avoid contagion to the rest of Europe will be positive. "
The S & P / ASX 200 rose 0.2%, while the Kospi index in South Korea rose 1.7%. Hang Seng Index in Hong Kong rose 1.9%. Shanghai Composite Index also rose 2.2%, highest in four months, after Chinese Premier Wen Jiabao said, efforts to stem inflation has been working, easing concerns that the government will raise interest rates.
The Nikkei 225 Stock Average rose 0.9%. Foreign investors became net sellers of Japan stocks last week, off 142.8 billion yen (U.S. $ 1.7 billion) more shares than they bought, the most since the week ended August 27.
All 10 industry groups in Asia-Pacific index rose led by financial stocks. Aluminum Corp. of China Ltd. rose 2.9% in Hong Kong. BHP Billiton Ltd. (BHP), the world's major mining companies with the largest customer was China, gained 0.7%.
"There is concern about whether China can control inflation and maintain a rapid development, my answer is yes," Wen wrote in an opinion piece in the Financial Times newspaper. "China has made a priority of regulatory restrictions on price increases and introduces a number of macroeconomic policies that are targeted. The overall price level in the range of control and is expected to continue to fall."
Mizuho Financial Group Inc., Japan's third-largest bank by market value, rose 1.6% in Tokyo after European Union leaders pledged to save Greece from the default. While in Sydney, Commonwealth Bank of Australia (CBA), the largest lender by market value, rose 1.3% and National Australia Bank Ltd rose 0.8%.
Sony Corp. (6758), Japan's major exporters of consumer electronics and Samsung Electronics Co., which received more than 20% of sales from Europe, up respectively 2.4% in Japan and 2.5% in Seoul.
The main stock indexes in Asia rose after European Union leaders pledged to stabilize the euro area economy, to prevent the default of Greece, provided that the country's parliament votes in favor of the 78 billion euros (U.S. $ 111 billion) budget cuts next week.
The latest European effort to stem the debt crisis emerged, after the bonds euro nations are in debt and declining in the U.S. and Chinese officials warned that failure to restore confidence in the euro area economy threatens the world.
"The fact that Europe will help Greece is positive for the market," said Juichi Wako, senior strategist in Tokyo at Nomura Holdings Inc. "This means there is little potential for the crisis will spread to neighboring countries."
Qantas Airways Ltd., Australia's largest airline, rose 1.9% in Sydney after oil prices fell 4.6% in New York yesterday. Cathay Pacific Airways Ltd., Hong Kong's largest airline, rose 5.3%. Air China Ltd., the world's largest airline by market capitalization, rose 7.8% in Hong Kong and China Airlines Ltd., Taiwan's largest airline, rose 3.5%.
"In the short term, falling oil prices is a positive factor for the airlines," said Danny Yan, fund manager at Haitong International Asset Management. "However, airlines still face challenges. The decision to increase oil supply is only temporary."
Oil producer Woodside Petroleum Ltd. (WPL) sank 0.5% in Sydney, while rival Santos Ltd. fell 0.8%. Offshore producers CNOOC Ltd. sank 1% in Hong Kong.
Crude oil for August delivery fell 4.6% to U.S. $ 91.02 a barrel in New York yesterday, its lowest close since February 18, after the International Energy Agency (IEA) announced it would release emergency stockpiles to ease shortages. This is the third time at the Paris-based agency has been coordinating the use of emergency stocks since its establishment in 1974.
Source : www.inilah.com
0 Komentar