Japanese stocks drove a rally in Asian markets for a second straight day Friday, with exporters leading the charge against the backdrop of the yen’s recent losses, a decline in Chinese inflation and optimism over Greece’s debt restructuring.
In Japan, the Nikkei 225 Index triumphed 160.78 points, or 1.7%, to 9,929.74. Earlier in the day, the benchmark had briefly topped 10,000, also for the first time since Aug. 1.
In Hong Kong, the Hang Seng Index gained 185.27 points, or 0.9%, to 21,086
Greece-linked optimism also supported stock gains for most of the day. After the Japanese and Australian markets closed for the week, Greece said that bondholders with 85.8% of private sector debt have accepted its bond swap offer. The country will also activate collective action clauses in its bond agreements, forcing a wider participation in the deal.
Japanese exporters were among the best performers during the session, supported by a 6% advance for the U.S. dollar in the year-to-date against the yen.
Sony Corp. jumped 4.3%, Mazda Motor Corp. climbed 4.7%, while Casio Computer Co. jumped 2.4%.
Financial stocks also advanced, with Daiwa Securities Group Inc. gaining 3% and Matsui Securities Co. climbed 2.5%.
Many of the region’s resource stocks also built on the previous day’s rally as commodity prices were supported.
Cnooc Ltd. rose 1.4% and Jiangxi Copper Co. added 1.2% in Hong Kong; BHP Billiton Ltd. climbed 1.2% and Rio Tinto Ltd. rose 2.4% in Sydney; Pacific Metals Co. jumped 4.1% in Tokyo; and Shandong Gold-Mining Co. climbed 1.9%.
Among other movers, heavyweight China Mobile Ltd. jumped 4% in Hong Kong after Goldman Sachs raised the stock to a buy from neutral and increased its price target.
CHINA
On the mainland, data showing the February consumer price index rose 3.2%, substantially softening from a 4.5% reading in January.
The Shanghai CSI 300 tacked on 28.51 points, or 1.1%, to 2,664.30
The stock market rallied even as several analysts said the data may not be enough to prompt more monetary easing from Beijing in the immediate future.
In other markets;
Korea’s Kospi Index prospered 17.54 points, or 0.9%, to 2,018.30
The Taiex index in Taiwan added 31.45 points, or 0.4%, to 8,016.01
Singapore’s Straits Times Index slid 7.23 points, or 0.2%, to 2,963.15
New Zealand’s NZX 50 Index gained 20.03 points, or 0.6%, to 3,433.82
Australia’s S&P/ASX 200 Index moved higher 40.94 points, or 1%, to 4,211.99
