Asian shares ended higher Thursday after a shaky start, adding to a recent string of gains, with Chinese banking and property issues lifting Hong Kong and Shanghai to their highest closing levels in several months.
The Nikkei 225 index in Tokyo gained another 69.78 points, or 0.7%, to 9,792.94
In Hong Kong, the Hang Seng Index zoomed 569.53 points higher, or 3%, to close at 19,817.70, its highest finish since September.
In Hong Kong, Bank of China rose 2.4%, Bank of Communications advanced 5.2%, while Guangzhou R&F Properties gained 3.1%. China Petroleum & Chemical Corp., or Sinopec, gained 3.1%, after going limit-up on Wednesday on hopes for an earnings recovery, with the shares surging 5.3% in Hong Kong.
Hong Kong property stocks were also higher, supported by strong responses to recent home sales. Sun Hung Kai Properties climbed 4% and Cheung Kong (Holdings) added 3.6%.
Japanese exporter stocks got a lift late in the day as the yen slipped, with Toyota Motor finishing 1.7% higher and Sony adding 1.5%.
National Australia Bank fell 5.2%, as it resumed trade after its 2 billion Australian dollars ($1.63 billion U.S.) institutional placement. Woolworths' shares declined another 3.7% as investors remained unimpressed by Wednesday's news that its full-year sales rose 7.5%.
In Seoul, Hyundai Motor shares lost 3% before the company posted a 48% rise in second-quarter net profit.
The Japanese yen was lower in currency trade, given the generally better mood for risk of late, with the U.S. dollar at 94.29 yen, from 93.54 yen late in New York, and the euro at 134.13 yen, from 132.96 yen. The single currency also bought $1.4222 U.S., from $1.4211 U.S.
Spot gold gained $2.50 from New York levels, to $953.60 U.S. a troy ounce. September Nymex crude oil futures were 36 cents lower at $65.25 U.S. a barrel on Globex.
CHINA
Shanghai’s 300 Composite Index gained 45.04 points, or 1.3%, to 3,651.97, a fresh 13-month high.
The People's Bank of China injected a net 141 billion yuan ($20.64 billion U.S.) into the money market this week, the largest weekly fund injection in six months, to ease tightening liquidity caused by China State Construction Engineering Corp.'s big share offer.
Bank of Communications jumped 5.2% in Shanghai and real estate developer China Vanke gained 3.1% in Shenzhen. Metals-related companies were strong again on higher metals prices, with Jiangxi Copper rising 3.1% and Aluminum Corp. of China adding 0.7% in Shanghai.
Elsewhere:
Singapore’s Straits Times Index picked up 34.07 points, or 1.4%, to 2,484.90
South Korea’s Kospi index advanced 2.45 points, or 0.2%, to 1,496.49
Taiwan’s Taiex ended its winning streak, dropping 4.44points, or 0.1%, to 6,980.88
New Zealand’s NZX 50 Index advanced 18.19 points, or 0.6%, to 2,918.63
Australia’s S&P/ASX 200 skidded 4.40 points, or 0.1% to 4,064.10
