Asian stocks edged up on Friday, after a surge in oil prices helped push Wall Street to record highs. Oil prices climbed more than 4 percent overnight after a Saudi oil minister hinted at possible action to stabilize prices.
Hong Kong shares rose 0.9 percent to their highest level in more than eight months, up 2.8 percent this week while Japan's Nikkei closed up 1.1 percent on a slightly weaker yen, ending the week 4.1 percent higher.
A softer yen supported the shares of Japanese exporters, with Toyota Motor Corp. up 0.9%, Mazda Motor Corp. gaining 2.2% and Mitsubishi Motor Corp. ending 1.3% higher.
Shares in Sharp Corp. surged 19% after Chinese antitrust authorities approved Foxconn Technology Group’s offer to buy the Japanese electronics firm.
Toshiba Corp. maintained its gains, last up 3.8%, after the Nikkei newspaper reported that the company was estimated to have posted an operating profit of 20 billion yen ($196 million) in the April-June period - its first profit in six quarters.
In Hong Kong, CK Hutchison Holdings Ltd. notched a 3% rise in net profit for the first half, as growth at its telecommunication and infrastructure operations was partly offset by reduced profitability at its energy operations.
Chinese shares extended gains after fixed asset investment, retail sales and industrial output all rose but were below expectations. The CSI300 index rose 1.3 percent, heading for gains of almost 2.2 percent this week, while the Shanghai Composite climbed 1 percent, poised to end the week 1.9 percent higher.
Elsewhere
South Korea’s Kospi SEU, closed 0.1% higher
Singapore’s Straits Times Index STI, -0.08% closed down 0.2%.
Australian stocks ended the day 0.4 percent higher.
