Most Asian stock markets rose on Friday after the European Central Bank cut its interest rate and U.S. jobless claims unexpectedly declined, with Shanghai-listed shares rebounding strongly after a string of recent declines.
Markets in Japan had the day off
In Hong Kong, the Hang Seng Index regained 21.66 points, or 0.1%, to 22,689.96
Australian stocks advanced strongly in early trade after Macquarie Group Ltd. and Westpac Banking Corp. announced results and dividend payments, but pulled back on profit-taking ahead of U.S. nonfarm payrolls data later in the global day.
Shares of Macquarie soared 10.9%, accompanied by strong volume, after the securities firm raised its annual dividend payments and reported a 17% increase in full-year profit.
Shares of Westpac gave up early gains to finish 1% lower. The stock had jumped in early trading after the lender posted a 10% increase in cash profit for the first half of the current financial year and said it would pay a special dividend. The stock still ended the week more than 3% higher, and is up nearly 48% over the last 12 months.
In Hong Kong, shares of New World Development Co. jumped 3.3% on reported plans to spin off three of its hotels via a listing in Hong Kong. Jiangxi Copper Co. advanced 1.7% in Hong Kong.
Lenovo Group Ltd. dropped 1%, extending Thursday’s losses after its talks to acquire a part of IBM Corp.’s server business fell through.
Resource-sector stocks also rose across Asia, spurred by an increase in commodity prices overnight
Shares of Fortescue Metals Group Ltd. rose 2.4%, and Rio Tinto Ltd. climbed 1.1% in Sydney.
Likewise, Korea Zinc Co. surged 5.3%, and steel maker Posco added 0.8% in Seoul.
CHINA
In Shanghai, the CSI 300 Index spiked 43.27 points, or 1.8%, to 2,492.91, on relief buying spread across various sectors, after dropping in five of the last six sessions.
Several automobile and securities stocks leaped in Shanghai on Friday. Shares of Great Wall Motor Co. rose 2.2%, while Citic Securities Co. added 3% and Haitong Securities Co. gained 4%.
In Shanghai, Minmetals Development Co. gained 2.6%
The benchmark, one of worst performing regional indexes in the year to date after a string of recent weak economic releases, advanced amid expectations for improvement in the time ahead.
In other markets;
Singapore’s Straits Times Index scaled back 32.49 points, or 1%, to 3.369.90
Taiwan’s Taiex Index inched forward 6.52 points, or 0.1%, to 8,135.03
Korea’s Kospi Index added 8.50 points, or 0.4%, to 1,965.71
The New Zealand Exchange 50 dropped 30.14 points, or 0.7%, to 4,544.32
Australia’s S&P/ASX slid 0.47 points to 5,129.50
