Samsung Electronics Inc. (005930), the world’s third-biggest maker of mobile phones, rose 1.8 percent in Seoul. Inpex Corp., Japan’s biggest energy explorer, advanced 4 percent in Tokyo after crude oil futures extended gains for a seventh day. Air New Zealand Ltd., the nation’s biggest carrier, slipped 1.1 percent after posting a 61 percent drop in first-half profit.

The MSCI Asia Pacific Index (MXAP) rose 0.5 percent to 128.22 as of 10:37 a.m. in Tokyo, heading for its tenth week of advance, the longest run of weekly gains since the data began in 1988. The rally was powered by optimism Europe will contain its sovereign debt crisis, bets China will ease monetary policy and signs the U.S. economy is improving.

“If you can get better data on employment and housing, I think investors will be comfortable the recovery in the U.S. this time around has a better chance of surviving and thriving,” said Prasad Patkar, who helps manage about $1 billion at Platypus Asset Management Ltd. in Sydney. “Improved risk appetite and improving economic fundamentals will create a catalyst that’s been lacking despite attractive valuations across a number of risk assets.” rally began.

Japan’s Nikkei 225 Stock Average (NKY) rose 0.4 percent. A gauge of smaller companies on the Tokyo bourse’s second section rose for a 29th straight day, the longest stretch of gains since 1961. Kagetsuenkanko Co., a hotel and resort manager, climbed 14 percent to 96 yen. The stock has risen 239 percent since Jan. 16, the last close before the gauge began its streak.

South Korea’s Kospi Index climbed 0.3 percent and Australia’s S&P/ASX 200 Index gained 0.3 percent.

China’s Shanghai Composite Index rose 0.1 percent. Hong Kong’s Hang Seng Index (HSI) advanced 0.3 percent as property and financial stocks declined.

Futures on the Standard & Poor’s 500 Index climbed 0.2 percent today. The S&P 500 rose 0.4 percent to 1,363.46 at 4 p.m. New York time. The Dow Jones Industrial Average rallied 0.4 percent to 12,984.69, the highest level since May 2008.

Applications for unemployment insurance benefits were unchanged in the week ended Feb. 18 at 351,000, the fewest since March 2008, Labor Department figures showed today. The Bloomberg Consumer Comfort Index rose to minus 38.4 in the week to Feb. 19, the strongest reading since April 2008.

To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

http://www.bloomberg.com/news/2012-02-24/asian-stocks-rise-headed-for-10th-weekly-gain-on-u-s-jobs-housing-data.html

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