Asian Stocks climbed for sixth week as Recession Concern Reduces

Asian Stock rally for sixth week, the highest line of gains in more than two years, on rising confidence the worst of the global financial crisis is over.

China Cosco Holdings Co., the world’s biggest operator of dry-bulk ships, surged 21% on increasing Chinese shipping rates and exports. PT Bumi Resources, Asia’s biggest exporter of power-station coal increased 21% in Jakarta. JFE Holdings Inc., Japan’s second-largest steel maker, rose 22% on speculation it would not make big price cuts and as the government revealed a record stimulus package.

This week the MSCI Asia Pacific Index increased 2.0% to 89.69, completing the highest stretch of gains since December 2006. Asian market has climbed 27% since the MSCI benchmark fell down to a six-year low on March 9.

Japan’s Nikkei 225 Stock Average lost 0.6%. South Korea’s Kospi index fall down 0.5% as brokerages cut recommendation on financial companies. Thailand’s SET Index increased 0.6% in a week reduced by New Year holidays. The Thai government called a state of emergency following collides between protestors in Bangkok and security forces.

MSCI’s Asian Index plummet by a record 43% last year as the credit crunch tipped the world’s biggest economies into financial crisis, forcing companies to cut jobs among falling profits.