June 27 (Bloomberg) -- Asian stocks rose this week, led by consumer, technology and financial companies on optimism the global economy is rebounding. Samsung Electronics Co., the world’s biggest maker of liquid-crystal display televisions, added 6.1 percent as a government report showed the U.S. economy shrank less than expected. Bridgestone Corp., the world’s largest tiremaker, climbed 7.8 percent in Tokyo, after narrowing its loss forecast. Industrial & Commercial Bank of China Ltd. gained 5 percent in Hong Kong amid speculation loan growth will boost earnings. “Investors still believe the global economy will start to recover later this year and this confidence is leading to resilience in the market,” said Naoki Fujiwara, who oversees the equivalent of $3.7 billion at Shinkin Asset Management Co. in Tokyo. The MSCI Asia Pacific Index gained 2.2 percent in the past five days to 103.66, recouping some of the previous week’s 3.5 percent decline. This week’s gain extended the gauge’s rally from a more than five-year low on March 9 to 47 percent. Japan’s Nikkei 225 Stock Average rose 0.9 percent, while Hong Kong’s Hang Seng Index added 3.8 percent. MSCI’s Asian index plunged by a record 43 percent last year as the credit crunch tipped the world’s largest economies into recession. The rally since March has been fueled by optimism that government stimulus measures and interest-rate cuts worldwide will succeed in reviving global growth. Economic Recovery “We’ve got out of the worst period thanks to those policy measures,” said Yoshihiro Ito, senior strategist at Okasan Asset Management Co., which oversees about $7.7 billion. “I still believe the global economy will start to recover in the second half.” U.S. gross domestic product shrank by 5.5 percent last quarter, a government report showed, less than the 5.7 percent decrease forecast by economists. A separate report showed U.S. durable goods orders rose. The Organization for Economic Cooperation and Development this week also lifted its forecast for growth in the economies of its 30 member nations for the first time in two years. Samsung Electronics rallied 6.1 percent to 596,000 won. Komatsu Ltd., an earthmoving equipment maker that gets a quarter of its sales from the Americas, rose 2.1 percent to 1,530 yen. Bridgestone surged 7.8 percent in the week to 1,520 yen. The company narrowed its first-half net loss forecast to 46 billion yen ($480 million) from 62 billion yen, citing reduced costs. Increased Lending Industrial & Commercial Bank, China’s largest lender, gained 5 percent to HK$5.45 after the Shanghai Securities News reported new loans in June will exceed lending in May and Premier Wen called for a “moderately loose” monetary policy. Bank of China Ltd., the country’s third-biggest, rose 4.9 percent to HK$3.66. Aozora Bank Ltd., the Japanese lender controlled by Cerberus Capital Management LP, gained 2.8 percent to 149 yen, while Shinsei Bank Ltd., backed by billionaire Christopher Flowers, added 2 percent to 157 yen after the companies said they were in merger talks. Angang Steel Co. climbed 11 percent this week to HK$13.56 in Hong Kong after China News Agency reported Asia’s biggest iron-ore deposit had been discovered in a northeastern Chinese province. Baoshan Iron & Steel Co., the biggest producer, added 8.3 percent to 7.20 yuan in Shanghai. In Australia, Harvey Norman Holdings Ltd., the country’s No. 1 electronics retailer, climbed 8.6 percent to A$3.04. David Jones Ltd., the nation’s second-largest department store chain, added 2.5 percent to A$4.18. The International Monetary Fund said in the week that Australia’s economy will contract 0.5 percent this year, compared with a 1.4 percent decline estimated in April. The economy will grow 1.5 percent next year, the IMF said, after previously forecasting a 0.6 percent increase. “We’re getting glimmers of hope,” said Tim Schroeders, who helps manage $1 billion at Pengana Capital Ltd. in Melbourne. “Consumers are becoming a bit more active and purchasing has returned to the marketplace.”

Source