Most Asian markets rose Thursday as a record finish for key U.S. indexes and hopes for Japanese central-bank easing lifted sentiment, while Chinese stocks climbed after a boost in bank lending and expectations for lower corporate taxes.
In Japan, the Nikkei 225 index zoomed higher by 261.03 points, or 2%, to 13,549.16, a level it hasn’t seen since July 2008.
The benchmark ended higher for the sixth time in seven trading days, with the U.S. dollar staying just short of the key ¥100 level.
Hong Kong’s Hang Seng Index gained 66.71 points, or 0.3%, to 22,101.27
In Tokyo, the rally was spread across sectors, with exporters, financials and industrial shares again among the gainers.
Shares of Mazda Motor Corp. climbed 4%, Mitsubishi Heavy Industries Ltd. jumped 10.3%, and banking giant Mitsubishi UFJ Financial Group Inc. climbing 2.6%.
Sharp Corp. soared 7.9% after a Nikkei news report that the company will post an October-March operating profit well above forecasts, thanks to payroll cuts and increased sales of LCD panels.
Shares of Takata Corp. plunged 9% following reports that defects in airbags made by the company led to a recall of at least three million vehicles worldwide by Japan’s three largest auto makers — Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co.
Shares of the auto makers themselves ended sharply higher in the upbeat market, however. Toyota stock jumped 5.8%, while Honda and Nissan added 3.1% and 4.4%, respectively.
The advances in Hong Kong came after data released by the People’s Bank of China showed the country’s financial institutions extended 1.06 trillion yuan ($171 billion U.S.) credit in March, sharply higher than the 620 billion yuan in loans they made in February.
Shares of Aluminum Corp. of China Ltd., or Chalco, added 2.7%, Bank of Communications Co. rose 1.2% and personal-hygiene products maker Hengan International Group Co. advanced 2.8% to lead a broad-based rally in Hong Kong.
In Seoul, construction-related and industrial stocks suffered deep losses after the Bank of Korea surprised markets by refraining from a widely expected interest-rate cut.
Hyundai Engineering & Construction Co. slumped 5.2% and Kumho Industrial Co. dropped 4.1%.
But a 1.3% advance for heavyweight Samsung Electronics Co. , along with broad gains for the financial sector, helped the market rebound from early losses.
Australian shares, led by gains in banks and retailers, managed to end higher despite unexpectedly weak official jobs data. Commonwealth Bank of Australia rose 1.1% and Woolworths Ltd. added 1.4%, with Woolworths getting an extra lift from a quarterly gain in same-store sales
CHINA
Hopes for tax reforms also aided market sentiment, after the State Council — China’s cabinet — on Wednesday decided to implement nationwide a pilot program that replaces a tax on overall sales with a value-added tax, Xinhua news reported. The move is expected to reduce the tax burden on businesses.
The Shanghai CSI 300 deducted 7.43 points, or 0.3%, to 2,477.88
In Shanghai, shares of China Eastern Airlines Corp. climbed 2% after receiving the industry regulator’s approval to raise funds by issuing new yuan-denominated shares.
But metals producers retreated after rallying earlier in the week, with Chalco losing 2.8% and Jiangxi Copper Co. shedding 1.6%.
In other markets;
In Korea, the Kospi Index gained 14.22 points, or 0.7%, to 1,949.80
In Taiwan, the Taiex Index climbed 105.18 points, or 1.4%, to 7,857.98
The Singapore Straits Times Index took on 15.55 points, or 0.5%, to 3,308.80
In New Zealand, the NZX 50 doffed 10.52 points, or 0.2%, to 4,409.54
Australia’s ASX 200 recovered 39.07 points, or 0.8%, to 5,007.07
