Tokyo/Singapore: Asian stocks rose for the first week in four, led by commodity companies and banks, as optimism for the global economy overcame concern about Greek finances.
Cnooc Ltd, China's largest offshore oil producer, gained 5 per cent in Hong Kong as oil prices rallied. Rio Tinto Group, the world's No. 3 mining company, climbed 8 per cent in Sydney as it reinstated its dividend payment. Westpac Banking Corp gained 2.3 per cent after Australia's employers added more jobs last month than economists expected. Toyota Motor Corp rallied 4.4 per cent as the automaker took steps to repair its image following the recall of about 8 million vehicles.
"We are still in a recovery mode and I don't see anything in particular that could derail that," said Roger Groebli, Singapore-based head of financial-market analysis at LGT Capital Management, part of a group that oversees about $84 billion (Dh308 billion). "Investors have tended to focus on negative news about Greece in the past few weeks even though the positive fundamentals haven't changed."
The MSCI Asia Pacific Index gained 1.5 per cent to 116.39 last week as lower-than-estimated inflation in China eased concern the nation will raise borrowing costs. The gauge has fallen 8.2 per cent from a 17-month high on January 15 on speculation central banks will tighten monetary policy, and that Greece, Spain and Portugal will struggle to curb deficits. Japan's Nikkei 225 Stock Average added 0.4 per cent. South Korea's Kospi index gained 1.7 per cent. Hong Kong's Hang Seng Index climbed 3.1 percent and China's Shanghai Composite Index advanced 2.7 per cent.
