The MSCI Asia Pacific Index was grew by its highest numbers in seven weeks as Asian stocks made major gains this week. Anxiety over the U.S. Federal Reserve raising interest rates shook both the American and Asian markets this week. An announcement from Bernanke before Congress; however, indicated that the rate will remain near zero for an extended period of time. Both the U.S. and Asian exchanges benefited.
Bernanke’s announcement was particularly beneficial to Hong Kong’s Li & Fung Ltd., which attributes more than 60 percent of its sales to the U.S.. Li&Fung saw 2.9 percent gains after Bernanke’s statements. Elsewhere, Taipei’s Evergreen Marine Corp., the continent’s major container- shipping company, saw 11 percent growth.
In total, the MSCI Asia Pacific Index saw a 2.4 percent increase to 118.07 this week, its steepest assent since early January. Since reaching its highest levels in a year and five months on January 15, the index has lost 6.9 percent.
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