The Asian markets continued their upward movement, bringing the regional index to its biggest two-day rise for the past two years after the optimism that Europe will be able to keep the banking sector of the debt crisis brighten prospects for credit institutions and exporters. The regional MSCI Asia Pacific Index rose 2% to 112.81 points, but ended the week with a loss of 0.3%. The Japanese Nikkei 225 gained 1% to 8 605.62 points, shares of the largest publicly traded local financial institution by market capitalization Mitsubishi UFJ Financial Group have added 0.6 percent to its value to 328 yen and those of the largest Asian automaker Toyota rose 0.4 percent to 2,549 yen. The shares of Sony fell, however its value by 3.7% to 1,415 yen after the Wall Street Journal reported that the manufacturer of consumer electronics is closer to an agreement to buy the share of Ericsson AB in their joint venture for production of mobile phones, citing sources close to the deal, Nomura downgraded the company. The Chinese markets remained closed all week because of holidays in the country, and Taiwan TAIEX index rose 1.1 percent to 7 211.96 points. In Hong Kong Hang Seng advanced 3.1 percent to 17,707 points, shares of Hutchison Whampoa rose 10.5 percent to 63.15 HK dollars after the company determined its activity in Europe as “very strong” and those of largest Chinese company to explore oil reserves in offshore Cnooc rose in value by 4.4 percent to 12.84 HK dollars.
The shares of Zijin Mining Group does rose 14 percent to 2.41 HK dollars. In South Korean KOSPI gained 2.9% to 1 759.77 points, Samsung shares rose 0.6 percent to 860,000 won, while those of Korea Zinc jumped 15 percent to 282,500 won. The Australian Index S & P / ASX 200 advanced 2.3 percent to 4 162.90 points to finish with the highest weekly earnings for the year, shares of National Australia Bank increased its value by 3.9% to 23.76 Australian dollars, and those of the largest local company for gold Newcrest Mining rose 2 percent to 35.76 dollars after futures for delivery of the precious metal in December registered a growth of 0.7% during yesterday’s session in New York.
“Certainly it seems that politicians in Europe understand the situation of the banking system and are increasingly willing to recapitalize banks”, said Belinda Allen, senior investment analyst at Colonial First State Global Asset Management in Sydney. “However, we do not see anything like this happen. I think the risk is real, before you hear any commitment”, she added. The shares of the largest mining company BHP Billiton in the world have added 2.5 percent to its value to 37.20 Australian dollars, and those of its rival Rio Tinto Group rose 4.9 percent to 66.40 dollars, maximize three-day gain after 2009 Only in Indonesia Jakarta Composite decline of 0.5% to 3 425.68 points, while Singapore’s FTSE Straits Times Index added 1.4 percent to 2 640.30 points.

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