Asian stocks advanced for a fifth day, led by banks and energy companies, as the conclusion of stress tests for U.S. banks eased concerns about the health of the financial system.
The Nikkei 225 Stock Average added 47.13 points, or 0.5%, to 9,432.83.
Mitsubishi UFJ Financial Group Inc., which invested $9 billion U.S. in Morgan Stanley, soared 6.2% in Tokyo. PetroChina Co., China’s largest oil producer, climbed 4.3% in Hong Kong as oil headed for its biggest weekly gain since March. Cosmo Oil Co. rose 5% in Tokyo on plans to increase spending on a refinery upgrade.
Toyota Motor Corp. declined 1.5% after the Nikkei newspaper said the automaker may miss its full-year loss forecast.
Asciano Group leapt 27% in Sydney on takeover speculation. Mitsui Mining & Smelting Co. sank 6.1% after Japan’s biggest zinc smelter projected a net loss. Qinghai Salt Lake Potash Co., China’s biggest maker of potassium chloride products, slumped 2.5% in Shanghai after cutting fertilizer prices.
The Hang Seng Index in Hong Kong ended the week on a positive note, charging ahead 171.98 points, or 1%, to 17,218.
Elsewhere:
China’s Shanghai 300 Composite Index gained 22.14 points, or 0.8%, to 2,789.22
Singapore’s Straits Times Index eased 3.39 points, or 0.2% to 2,238.20
South Korea’s Kospi index picked up 11.05 points, or 0.8% to 1,412.13
Taiwan’s Taiex index added 11 points, or 0.2% to 6,583.87
New Zealand’s NZX 50 Index advanced 18.26 points, or 0.6%, to end the week at 2,873.14.
Australia’s S&P/ASX 200 gained 7.5 points, or 0.2% to 3,919.60
