Asian Stocks Rise Ahead of GDP Numbers
Asian stock markets were mostly higher Friday ahead of the region’s first peek next week at first quarter economic growth numbers.
Hong Kong’s benchmark Hang Seng index led gainers, advancing 1.3 percent while India rose 0.8 percent, China increased 0.7 percent, Malaysia and Australia inched up 0.3 percent and Japan and Singapore added 0.2 percent.
South Korea’s Kospi index led decliners, slipping 0.5 percent while Indonesia fell 0.4 percent.
Investors will be eyeing preliminary gross domestic product data that Asian countries begin announcing next week. Morgan Stanley said it expects China’s GDP expanded as much as 12 percent in the January-to-March period from a year earlier, up from 10.7 percent in the fourth quarter.
DBS said Singapore’s economy likely jumped an annualized 22 percent in the first quarter, and the bank boosted its 2010 GDP forecast to 7 percent from 6 percent.
Thailand’s benchmark index fell 0.1 percent Friday after plunging 3.5 percent Thursday following Prime Minister Abhisit Vejjajiva’s declaration of a state of emergency in Bangkok to help quell anti-government protests calling for fresh elections.
Some analysts expect the conflict will be peacefully resolved soon and Thai stocks will rebound.
“We expect that the impact on the economy will be relatively small, and that Thai markets will perform well this year,” Capital Economics said in a report.
In New York on Thursday, the Dow Jones industrial average gained 29.55, or 0.3 percent, to 10,927.07 as investors took heart from strong U.S. retail sales data in March.
Discounter Target Corp., department store Macy’s Inc., clothier Gap Inc. and Victoria’s Secret parent Limited Brands Inc. posted double-digit increases in March sales that beat Wall Street analysts’ expectations.
Overall, sales in stores open at least a year rose 9 percent in March, based on an index of 31 retailers compiled by the International Council of Shopping Centers.
In currencies, the dollar rose to 93.55 yen on Friday from 93.36 yen on Thursday. The euro stood at $1.3344 from $1.3358.
Benchmark crude for May delivery was up 36 cents to $85.75 a barrel.
ALEX KENNEDY, Associated Press Writer SINGAPORE