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TOKYO - Asian stocks rose for a third week as commodity prices gained and as US companies reported or raised profit forecasts, boosting confidence in the strength of global economic growth.
BHP Billiton Ltd, the world's largest mining company, climbed 4 percent last week in Sydney. Hon Hai Precision Industry Co, the world's largest electronics contract manufacturer, gained 3.7 percent in Taipei after Microsoft Corp reported positive earnings in the US. China Resources Land Ltd, a State-controlled developer, soared 6.4 percent in Hong Kong on speculation China may ease tightening measures.
The MSCI Asia Pacific Index climbed 1.0 percent, advancing for a third-straight week and posting the longest winning streak since the week ending April 16. The gauge has slumped 8.5 percent from its high this year on April 15 on concern Europe's debt crisis and Chinese steps to curb property prices will slow global growth.
"Sentiment has been improving after the better-than-expected US earnings eased investors' concerns about a poor economic outlook," said Michiya Tomita, a Hong Kong-based fund manager for Mitsubishi UFJ Asset Management Co, which oversees $64 billion.
Hong Kong's Hang Seng Index rose 2.8 percent last week as the city's developers gained on prospects of higher property prices. China's Shanghai Composite Index climbed 6.1 percent. South Korea's Kospi Index increased 1.1 percent. Australia's S&P/ASX 200 Index rose 0.8 percent, led by materials companies. Japan's Nikkei 225 Stock Average advanced 0.2 percent in a four-day, holiday-shortened week.
BHP Billiton climbed 4 percent to A$39.68 last week in Sydney, while Rio Tinto Group, the world's third-biggest mining company, jumped 6.2 percent to A$69.86. Sumitomo Metal Mining Co, Japan's largest nickel producer, climbed 4.8 percent to 1,130 yen in Tokyo. Aluminum Corp of China Ltd, the nation's biggest producer of the metal, surged 7 percent to HK$6.59 in Hong Kong.
Microsoft, the world's largest software maker, reported on July 22 a 48 percent climb in fourth-quarter net income, exceeding the average analyst estimate in a Bloomberg survey. Separately, California-based company Apple Inc forecast fourth-quarter sales that topped analysts' estimates.
Property developers rose last week on speculation the China's government will soon end policies to cool the housing market. Donald Straszheim, a senior managing director for China research at International Strategy & Investment Group, said China will "back away" from its tightening policies in the housing market within three months as the economy faces a bigger risk from a slowdown than inflation.
"What the market is betting now is that the government will allow the current tightening measures to be relaxed going forward," said Sun Chao, an analyst at Citic Securities Co in Shanghai.
Bloomberg News
