Asian stocks rose Friday, paring the benchmark index’s steepest weekly loss in two months, as the weaker yen boosted Japan’s electronics and auto makers and speculation grew China will pass another stimulus package.
In Japan, the Nikkei 225 stock average closed up more than 206 points or 2.6% to 8,230 while Hong Kong's Hang Seng rose 12 points or 0.09% to 13,255
Japanese automakers and other exporters gained. Toyota, which said Thursday it was making further production cuts in North America, jumped 6%, and Honda rose 8%. Honda said Friday it was slashing Japan production by an additional 56,000 vehicles amid a global slump and planned to cut 3,100 jobs in Japan so it will have no temporary workers at all.
Seiko Epson Corp., the world’s No. 3 maker of inkjet printers, soared 9.9% in Tokyo. China’s Shenyang Machine Tool Co. rose 3.8% after Shanghai Securities News said the government may extend aid to machinery companies. Chipmaker Hynix Semiconductor Inc. jumped 5.8% after market leader Intel Corp. said profitability may improve as customers rebuild inventories. Equities extended gains after the U.S. government increased its rescue package for Bank of America Corp.
CHINA
China’s National Development & Reform Commission and the Ministry of Industry & Information Technology will review a stimulus package today to help machinery companies, Shanghai Securities reported, without citing anyone. The government has pledged spending plans worth 4 trillion yuan ($585 billion) to boost the economy.
Shenyang, China’s No. 2 listed industrial machinery maker, rose 3.8% to 5.47 yuan. Weichai Power Co. Ltd., a maker of heavy-duty diesel engines, jumped 2.9% to 22.75 yuan.
Shanghai’s Composite Index climbed 35 points or 1.8% to 1990
Hynix added 5.8% to 6,950 won in Seoul. Elpida Memory Inc., Japan’s largest memory chipmaker, soared 14% to 559 yen. Advanced Semiconductor Engineering Inc., the world’s biggest tester and packager of semiconductor chips, gained 2.2% to NT$11.85 in Taipei.
Asian tech shares also got a lift after heavyweight U.S. chipmaker Intel suggested margins might improve in the second half this year, even as it reported a 90% plunge in fourth-quarter profit.
Elsewhere:
Singapore’s Straits Times Index jumped 26 points or 1.55% to 1,730
Taiwan’s Taiex ended nearly 33 points or 0.76% ahead at 4,353
South Korea’s Kospi finished the day nearly 24 points up or 2.2% at 1,135
New Zealand’s NZX 50 Index gained nine points or 0.34% to end the week at 2,752
Australia’s S&P/ASX 200 Index surged 21 points or 0.61% to 3,550
with files from other wire services
