Dec. 25 （Bloomberg） -- Asian stocks rose for the third week this month as a report showed U.S. retail sales increased last week and China reported “concrete action” to help stabilize Europe’s economy.
Canon Inc., which is the world’s largest maker of cameras and gets more than a quarter of its sales from the U.S. and almost a third from Europe, increased 3 percent in Tokyo this week. BHP Billiton Ltd., the world’s biggest mining company and Australia’s largest oil producer, climbed 2.2 percent in Sydney as metals prices rose. Posco, the world’s No. 2 producer of stainless steel, gained 1.3 percent in Seoul after MoneyToday said the company is considering an acquisition.
“All in all, stability -- both economic and political -- will always be well received by investors,” said Prasad Patkar, who helps manage about $1.8 billion in Sydney at Platypus Asset Management Ltd. “Markets are in a seasonally strong period but volumes are thin, which is also typical for this time of the year.”
The MSCI Asia Pacific Index climbed 1.2 percent to 135.19 this week. The gauge closed higher on three out of five days, and rose the most on Dec. 21.
Japan’s Nikkei 225 Stock Average dropped 0.2 percent. South Korea’s Kospi index climbed 2 percent. Australia’s S&P/ASX 200 Index gained 0.3 percent. Hong Kong’s Hang Seng Index increased 0.5 percent, and the Shanghai Composite Index fell 2 percent.
Markets in Australia, Hong Kong and Singapore shut early yesterday for Christmas Eve.
Performance, Valuations
The MSCI Asia Pacific Index has risen 12 percent this year on speculation that growth in corporate profits will weather Europe’s debt crisis, Chinese steps to curb property-price inflation and concern about the pace of the U.S. economic rebound.
Stocks in the gauge are valued at about 15 times estimated earnings on average, compared with 23 times at the start of the year. The index plunged 43 percent in 2008 and rebounded 34 percent last year, its biggest gain since 2003.
Canon climbed 3 percent to 4,270 yen in Tokyo. HTC Corp., the Taiwanese mobile phone maker that counts America as its biggest market, increased 3.2 percent to NT$900 in Taipei.
Same-store sales at a selection of U.S. retailers rose 4.2 percent last week, the biggest jump of this holiday season, as more consumers finished shopping, according to a survey of retailers released on Dec. 21.
‘Concrete Action’
“U.S. economic indicators continue to exceed expectations and the U.S. economy is on a recovery trend,” said Hiroichi Nishi, an equities manager in Tokyo at Nikko Cordial Securities Inc. “The global economic recovery, surplus money and confidence in government measures are boosting commodity prices.”
China supports International Monetary Fund measures and “has taken concrete action to help some European Union members counter the sovereign-debt crisis,” Chinese Vice Premier Wang Qishan said at a forum on economic and trade relations in Beijing this week.
The statement “should support risk appetite generally because Europe has been occupying the minds of investors for most of the year,” said Platypus Asset’s Patkar.
BHP Billiton advanced 2.2 percent to A$46.04 in Sydney. Rio Tinto Group, the world’s third-biggest mining company, gained 0.8 percent to A$86.36. Mitsui & Co., which counts commodities as its biggest source of profit, gained 1.1 percent to 1,326 yen in Tokyo.
The London Metal Exchange Index of six metals including copper and aluminum gained 2.3 percent in the past five days for a fourth consecutive weekly climb.
In Seoul, Posco advanced 1.3 percent to 473,500 won this week. The company is considering buying a stake in Korea Express Co., an operator of ships, terminals and express-delivery trucks, MoneyToday reported, without citing anyone.
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