Most Asian markets rallied Friday, buoyed by signs of an improvement in global manufacturing, with mainland Chinese stocks rebounding from a drop the previous day and Taiwanese shares soaring on reports of buying by government funds.
Japanese markets are closed for a holiday Friday.
In Hong Kong, the Hang Seng index leaped another 170.78 points, or 0.8%, to 21,913.98, concluding a very successful week.
Australia was one of the few markets to move in the opposite direction, as some resource stocks came under profit-taking pressure after recent gains and ahead of the weekend.
Energy producer Santos Ltd. fell 1% and iron ore extractor Forestcue Metals Group Ltd. fell 3.2%.
Taiwan’s Taiex was the region’s best performer, jumping 3.1% to erase the losses recorded earlier in the week, with purchases by government funds behind the advance
All the Asian stock benchmarks mentioned above ended the week with gains. The Hang Seng Index led those gains, soaring 3.6% from its close last Friday, while the Kospi and the Taiex were up at least 2.7%.
Among the gainers in Taipei, shares of Nanya Technology Corp. climbed 4.9%, heavyweight Taiwan Semiconductor Manufacturing Co. jumped 4.6% and iPhone maker Hon Hai Precision Industry Co. added 3.4%.
In Hong Kong, China Life and Ping An climbed 1.6% and 1%, respectively, with a 3% increase for China Overseas Land & Investment Ltd. and a 2.3% gain for China Resources Land Ltd. aiding the advance.
In Seoul, major automobile and electronics exporters spurred the market despite weakness in shipbuilders and financials. Hyundai Motor Co. rose 3.1% and Samsung Electronics Co. climbed 1.4%, offsetting a 1.3% drop for Hyundai Heavy Industries Co. and a 0.4% fall for Shinhan Financial Group Co.
In Singapore, Olam International Ltd. dropped 2.1%, extending recent declines despite announcing it "strongly rejects baseless and unsubstantiated assertions" made by short seller Carson Black, who recently raised questions about the company’s business model and accounting practices
CHINA
Meanwhile, a rally in insurance and shipping stocks bolstered gains on mainland Chinese markets.
The Shanghai CSI 300 Composite Index picked up 15.13 points, or 0.7%, to 2,192.68
Shares of China Life Insurance Co. rose 2.5% and Ping An Insurance Group Co. climbed 1.7%, while China Cosco Holdings Ltd. added 1.9%.
The rally for Chinese insurers came after data showed that premiums collected by the local players climbed 7.3% in the first 10 months of the year.
In other markets
In Singapore, the Straits Times Index gained 2.65 points, or 0.1%, to 2,989.28
Korea’s Kospi index added 11.83 points, or 0.6%, to 1,911.33
Taiwan’s Taiex Index leaped 220.25 points, or 3.1%, to 7,326.01
New Zealand’s NZX 50 gained 11.13 points, or 0.3%, to 4,008.34
Australia’s ASX Index nipped off 0.06 points to 4,413.01
