Asian stocks rise on US, EU confidence

The strong performance of the Philippine stock market, which rose for an eighth straight session for an overall gain of 9.67 percent, reflects growing confidence in the nation's economy.

On Thursday the government announced that exports had grown by a surprisingly strong 35.9 percent in July from a year earlier.

Gold closed at US$1,255.00 to US$1,256.00 an ounce in Hong Kong, down from Wednesday's close of US$1,259.00 to US$1,260.00.

In other markets:

— Singapore closed up 0.36 percent, or 10.86 points, at 3,022.28.

— Kuala Lumpur closed up 0.25 percent, or 3.64 points, at 1,434.78.

— Taipei fell 0.20 percent, or 15.77 points, to 7,835.54.

MediaTek, the island's leading integrated circuit design house, fell 1.18 percent to 461.5, while Taiwan Semiconductor Manufacturing Co was up 0.34 percent at 59.5.

— Wellington closed down 0.30 percent, or 9.41 points, at 3,151.77.

— Bangkok lost 0.26 percent, or 2.39 points, to close at 921.49.

— Mumbai closed up 0.71 percent, or 132.95 points, at 18,799.66. The market hit a 31-month high on optimism of strong consumer spending during the upcoming festive season, which runs from September to December, dealers said.

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