Asian markets barreled higher Friday after a strong lead from Wall Street in the wake of upbeat U.S. economic data, with Tokyo and Hong Kong stocks leading the way.
Japan’s Nikkei 225 Index jumped 104.35 points, or 1.2%, to close the week at 9,051.22, returning above the 9,000 level, buoyed by the yen’s weakness amid expectations the Bank of Japan may further expanded its asset-purchase program.
In Hong Kong, the Hang Seng index surged 289.46 points, or 1.3%, to 22,111.33, to top the 22,000-point level, a day after the Hong Kong Monetary Authority again intervened to curb the local currency’s strength against the U.S. dollar amid fund inflows following the
Federal Reserve’s latest round of quantitative easing.
In Tokyo, many tech and industrial shares followed their U.S. peers higher, getting an addition boost from the dollar’s return above the 80-yen level, helping these export-focused firms. Tokyo Electron Ltd. added 1%, while Fanuc Corp. jumped 3.8%.
Sony Corp. posted solid gains, rising 2.1% after narrowing its July-September loss to ¥15.5 billion ($194 million U.S.) from ¥27 billion a year earlier. The company kept its outlook for a fiscal-year profit unchanged.
Shares of Sharp Corp., however, sank 2.4% after swinging to a quarterly loss, increasing its full-year loss projection and warning about worries about its future as a going concern.
Panasonic Corp. slipped 0.7%, adding to its 19.5% tumble the previous day in reaction to a heavy quarterly loss.
The rally in Hong Kong was spread across sectors, with heavyweight banking major HSBC Holdings PLC climbing 1.8%, while foods company Want Want China Holdings Ltd. rose 4% and casino operator Sands China Ltd. soared 6.3%.
As in Tokyo, tech exporters staged a strong advance in Seoul, with Samsung Electronics Co. adding 2.3%, rival SK Hynix Inc. climbing 1.8%, and LG Display Co. improving by 3.8%.
Asian car makers also enjoyed gains after healthy U.S. sales numbers.
Toyota Motor Corp. rose 1.6%, after posting a 16% gain in U.S. sales for October, even after announcing a 44% tumble in its China sales earlier on Thursday.
Among its rivals, Honda Motor Co. rallied 3.3%, and Nissan Motor Co. jumped 2.1% despite a 3% drop in its own U.S. sales.
But in Seoul, Hyundai Motor Co. fell 0.5% as its U.S. numbers disappointed. Its shares had tumbled 3.8% on Thursday amid market speculation about a possible recall.
In Australia, early gains faded as weakness for most retailers offset gains in the top-weighted miners.
The largest mining names rebounded sharply from previous-session losses after gains from U.S. materials stocks. BHP Billiton Ltd. rose 1.8%, Rio Tinto Ltd. climbed 2%, and Fortescue Metals Group Ltd. added 0.5%.
CHINA
Over in Shanghai, construction and property stocks advanced, with some paring or reversing losses seen earlier in the day.
The Shanghai CSI 300 Composite Index gained 8.89 points, or 0.4%, to 2,306.77.
Shares of Beijing Vantone Real Estate Co. rose 3.8%, China Railway Construction Corp. climbed 2.4% and Gemdale Corp. gained 1.9%.
In other markets
In Singapore, the Straits Times Index nosed up 14.14 points, or 0.5%, to 3,040.75
Korea’s Kospi index improved 20.28 points, or 1.1%, to 1,918.72
Taiwan’s Taiex Index gained 30.83 points, or 0.4%, to 7,210.47
The NZX 50 Index erased 17.81 points, or 0.5%, to 3,914.08
Australia’s ASX Index tacked on 2.40 points to 4,460.06.
