Asian stocks advance for third week

Singapore: Asian stocks advanced for the third week as higher retail sales and expanding manufacturing activities in the United States boosted confidence in the global economic recovery.

Nintendo Co, the maker of Wii gaming consoles, surged 16 per cent after reporting increased US sales. Oil and gas producer and distributor PetroChina Co gained 8.2 per cent after crude oil rallied to its highest-level in 14 months. Hutchison Telecommunications International jumped 32 per cent in Hong Kong after its parent offered to buy out the company.

"Demand is on a steady recovery worldwide," said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management Co, which oversees $94 billion (Dh345 billion). "The market and economy will be better in 2010."

The MSCI Asia Pacific Index rose 3.1 per cent to 124.22 in the first week of trading for 2010. The gauge climbed 34 per cent last year, the biggest annual gain since 2003, as central banks cut borrowing costs and governments boosted spending.

Japan's Nikkei 225 Stock Average gained 2.4 per cent last week on speculation overseas earnings will climb as the yen weakened to its lowest level against the dollar since August.