Asian stocks rose for a fourth-straight weekly gain, on signs consumer spending in the region and the U.S. is improving and after new lending in China doubled.
Japan's Nikkei 225 index leaped 154.55 points, or 1.6%, to close the week out at 10,135.82, closing above 10,000 for the first time since Oct. 7.
Hong Kong's Hang Seng gained 98.65 points, or 0.5%, to 18,889.68
Li & Fung Ltd., the biggest supplier of clothes and toys to Wal-Mart Stores Inc., jumped 6.2% after retail sales in the U.S. and China increased. Aeon Co., Japan’s biggest supermarket operator, soared 8.3% in Tokyo as Japanese consumer confidence climbed.
LG Electronics Inc., the world’s third-biggest handset maker, climbed 2.1% in Seoul. Aeon soared 8.3% in Tokyo. Mitsubishi Heavy Industries Ltd. soared 4.6% on its talks to build a power plant in Australia. OZ Minerals Ltd. jumped 17% after shareholders approved a sale of assets.
A gauge of six metals leapt 4.2% in London yesterday, the steepest climb since June 1. Copper, aluminum and zinc all gained in Shanghai trading.
Korea Zinc Co. added 2.5% in Seoul. Mincor Resources Ltd., Australia’s fourth-biggest nickel producer, climbed 3 percent to A$1.72 after nickel rallied 5.9% in London yesterday.
Nomura Holdings Inc. gained 5.2% after Merrill Lynch & Co. raised it to "buy," saying the company should return to profit this year as operating costs decline. Bank of Yokohama Ltd., a regional bank, leapt 6.1% in Tokyo.
Retailers in New Zealand rallied after retail sales rose for the second time in three months in April, adding to signs that record-low interest rates and income-tax cuts may help the economy emerge from a recession this year.
Pumpkin Patch Ltd., a children’s clothing retailer, gained 2.3%. Michael Hill International Ltd., New Zealand’s largest specialty jewelry retailer, rallied 3%.
Virgin Blue Holdings Ltd., Australia’s second-largest airline, rose 6.4% after JPMorgan Chase & Co. affirmed its "overweight" rating, citing improving consumer sentiment.
Mitsubishi Heavy soared 4.6%. Japan’s largest heavy-machinery maker said it’s in talks with the Queensland government to build a cleaner-burning, next- generation coal-fired power plant in the Australian state.
Yahoo! Japan Corp., the nation’s most-visited Internet portal, rose 8.3% after KBC Securities Japan raised its investment rating on the stock to "buy" from "hold," saying cost reductions were helping it stay profitable.
Nintendo Co., the world’s biggest maker of handheld game machines, slumped 1.6% in Osaka. U.S. sales of the company’s Wii machine tumbled 57% in May from a year earlier, NPD Group Inc. said yesterday.
CHINA
Chinese shares fell the most in almost two months after the 21st Century Business Herald newspaper reported the securities regulator will approve initial public offerings as early as this weekend.
China’s stocks will "tread water" in the coming months as the Shanghai Composite trades in the 2,800-3,000 range, according to some experts.
China’s retail sales jumped 15.2% in May, the statistics bureau said today, the most in four months. Japan’s household sentiment rose to a 14-month high in May, the Cabinet Office said today. China and Japan have announced spending plans worth a total $743 billion U.S. to jumpstart economic growth. Retail sales also climbed in New Zealand.
China’s central bank said new lending doubled in May to 664.5 billion yuan ($97 billion U.S.) from 318.5 billion yuan a year earlier. China Construction jumped 2.9%. HSBC Holdings Plc, Europe’s biggest bank, rose 3.5%.
Concerns that Chinese stocks have risen too fast and regulators will allow new listings sent the Shanghai Composite Index down 1.9% at the close, the biggest decline since April 22. The gauge is up 51% this year.
Baoshan Iron the nation’s biggest steelmaker, lost 3.2%. Industrial & Commercial Bank of China, the nation’s number-one listed lender, slid 2.1%.
Mount Gibson Iron Ltd., Australia’s fourth-biggest iron-ore producer by market value, surged 6.9% after China’s statistics bureau said industrial-output growth accelerated to 8.9% in May, higher than economist estimates. Australian rival Murchison Metals Ltd. rallied 7.5% to A$2.15.
Elsewhere:
China’s Shanghai Composite Index slipped 55.34 points, or 1.9%, to 2,906.29
Singapore’s Straits Times Index lost 4.74 points, or 0.2%, to 2,377.07
South Korea’s Kospi index advanced 9.20 points, or 0.7%, to 1,428.59
Taiwan’s Taiex stepped back 119.14 or 1.8%, to 6,448.23
New Zealand’s NZX 50 Index added 13.28 points, or 0.5% to 2,809.82
Australia’s S&P/ASX 200 picked up 15 points or 0.4% to 4,062.20, to its highest point since Nov. 10.
