Asian stocks rose, rounding out the region’s best week since May, as economist Nouriel Roubini said the worst of the financial crisis is over.
Japan's Nikkei 225 index gained 51.56 points, or 0.6%, for its fourth straight positive session, closing out the week at 9,395.32
In Hong Kong, the Hang Seng Index sprinted ahead 443.79 points, or 2.4%, to close at 18,805.16.
"The freefall of the economy has stopped," Roubini, the New York University professor who predicted the financial crisis, said at a conference in the city. "There is light at the end of the tunnel. And the light at the end of the tunnel for once is not the one of an incoming train."
After the close of trading, Roubini said his comments were a reiteration of his view that the contraction would last 24 months.
Mitsubishi Estate Co., Japan’s biggest property developer by market value, jumped 4.4% after Barclays Plc gave the company its top "overweight" rating. Macquarie Countrywide Trust jumped 19% in Sydney after selling a stake in U.S. properties.
LG Display Co., the world’s number-two liquid-crystal-display maker, gained 2.3% in Seoul as brokerages upgraded the stock following better-than-expected profit.
Nomura Holdings Inc. gained 2.8% after the Nikkei English News said the nation’s investment banking revenue rose.
In Hong Kong, Orient Overseas (International) Ltd., the city’s largest container line, surged 52%, rebounding from a 32% plunge yesterday that analysts said may have been caused by a trading error.
In Japan, NTT Urban Development Co., which manages properties for Japan’s phone monopoly, added 6.1%. Sumitomo Realty & Development Co., the country’s number-two developer, climbed 4.1%.
Macquarie Countrywide climbed 19%. The company agreed to sell its 75% interest in a U.S. portfolio of 86 properties for $1.3 billion U.S.
In Seoul, LG Display climbed 2.3%. JPMorgan Chase & Co., Goldman Sachs Group Inc. and Credit Suisse Group raised their share-price targets after the company reported second-quarter profit that beat analyst estimates and forecast prices will rise.
Nintendo Co., the maker of Wii game consoles, declined 1.2%. Sony Corp., the maker of PlayStation game consoles, slipped 0.9%.
Total U.S. revenue from gaming hardware, software and accessories tumbled 31%, the largest drop since September 2000 and prolonging the contraction for a fourth month, according to NPD Group Inc.
June sales of Sony’s PlayStation 3 fell 59%, while those of Nintendo’s Wii console slumped 46%, NPD said.
Elsewhere:
Shanghai’s 300 Composite Index added 18.57 points or 0.5% to 3,519.81
Singapore’s Straits Times Index increased 29.94 points, or 1.3%, to 2,430.96
South Korea’s Kospi index advanced 7.88 points, or 0.6%, to 1,440.10
Taiwan’s Taiex leaped 70.69 points, or 1%, to 6,850.99
New Zealand’s NZX 50 Index ended the week positive by 6.71 points, or 0.2%, higher to 2,808.22
Australia’s S&P/ASX 200 tacked on 5.20 points, or 0.1%, to 4,000.80
