Asian stocks rose this week, led by energy and raw-materials producers, after oil and metal prices rallied, and on speculation governments will step up measures to bolster the global economy.
Cnooc Ltd. rallied 14 percent and BHP Billiton Ltd., gained 6 percent as metals and oil climbed. Satyam Computer Services Ltd., an Indian software company, rallied 30.6 percent as the company’s chairman moved to restore investor confidence and as the Economic Times of India said Hewlett-Packard Co. may buy a stake.
Cnooc, jumped 14 percent to HK$7.59. BHP gained 6 percent to A$30.58. Rio Tinto Group, climbed 6.5 percent to A$38.96.
The MSCI Asia Pacific Index advanced 3.1 percent to 90.12 this week. Measures of energy and raw-materials stocks had the biggest gains among the broader index’s 10 industry groups.
Japan was shut for the last three days of the week for the new year, with most markets closed on Jan. 1. Hong Kong’s Hang Seng Index climbed 4.6 percent on Jan. 2 for the best start to a year since at least 1970.
Stock markets worldwide lost $30 trillion in value last year, with only three of 89 major equity indexes tracked by Bloomberg posting gains.
Growth in the global economy will slow to 2.2 percent this year from 2008’s 3.7 percent, the International Monetary Fund said on Nov. 6. The IMF said a growth rate of 3 percent or less is “equivalent to a global recession.”
The global slowdown has prompted governments worldwide including the U.S. and Japan to slash interest rates and announce stimulus packages. South Korea’s President Lee Myung Bak pledged on Jan. 2 to keep devising measures to counter the slowdown.
A measure of six metals traded on the London Metal Exchange jumped 12.6 percent this week, while oil surged 22.9 percent to $46.35 a barrel.
Taiwan’s government plans to spend NT$200 billion ($6.1 billion) to help key industries through the global financial crisis.