Asia stocks end bright week on a high

THE BUYING WAS GIVEN MORE IMPETUS YESTERDAY WHEN BEIJING SAID THE WORLD’S NUMBER TWO ECONOMY GREW 6.7 PERCENT IN APRIL-JUNE, BETTER THAN THE 6.6 PERCENT FORECAST IN AN AFP POLL

Asian stock markets climbed for a fifth-straight session yesterday following yet another record close on Wall Street and after China released data showing the economy grew more than expected in the second quarter.

Traders were on course to end one of the best weeks this year on expectations central banks around the world will ramp up stimulus measures, while a strong reading on US jobs last week also fired up confidence.

The buying was given more impetus yesterday when Beijing said the world’s number two economy grew 6.7 percent in April-june, better than the 6.6 percent forecast in an AFP poll and the same as the previous three months. It was also better than the 6.5 percent minimum targeted by the leadership for the year, and provided hope that a growth slowdown that has dragged on the economy for years may be bottoming out. The upbeat mood was enhanced by figures released at the same time that showed retail sales rose far more than forecast -- dealing a boost to authorities attempts to retool the economy to one driven by domestic consumers rather than exports and investment.

“China is on track for achieving this year’s growth target,” said Zhu Haibin, JP Morgan China chief economist. However, he warned that “investment continues to be on the weak side, especially private investment”.

Shanghai stocks ended flat, however, and Hong Kong gained 0.5 percent.

Sydney -- where numerous firms with key links to China are listed -- added 0.3 percent, and Seoul put on 0.4 percent.

Singapore, Taipei, Manila and Jakarta were also all sharply higher. Tokyo finished 0.7 percent higher as it brought the curtain down on a sparkling week that saw it pile on nine percent and wipe out all the losses suffered on June 24 after the Brexit vote.

Popular messaging app Line enjoyed a blockbuster start, soaring an eye-watering 50 percent as it started trading -- almost double the closing gain for its first day in New York, where it is also listed. It ended the day up 32 percent.

The sizzling debut came after a $1.3 billion share sale.

Japanese stocks were also supported by a weakening yen, which has lost almost six percent this week as traders await details of a flagged stimulus package from Tokyo as well as expectations the central bank will loosen monetary policy further.