Taiwanese shares climbed on Friday to a fresh 31-month high on continued fund inflows, while Chinese stocks remained sluggish on persistent concerns over further tightening measures from Beijing.
Taiwan’s Taiex Index gained 35.70 points, or 0.4%, to 8,817.90, posting its highest finish since May 2008.
In Taipei, continued fund inflows fueled the market’s rise, with technology heavyweight Taiwan Semiconductor Manufacturing Co. rising 2.4% and Chimei Innolux up 0.4% on news of its plans to build a new touch-panel factory in China.
The Taiwanese currency, which has already gained 2% against the U.S. dollar so far this month, continued its rise. The U.S. currency was changing hands for 29.83 Taiwanese dollars from NT$29.85 the previous day.
In Japan, the Nikkei 225 Index stood back 7.46 points to 10,303.80
Hong Kong’s Hang Seng Index regained 46.07 points, or 0.2%, to 22,714.80, after two straight days of heavy losses.
Japanese stocks ended modestly lower, with many investors treading cautiously on the view that the market may have run up too far. The benchmark Nikkei has risen nearly 10% this quarter, supported by broadly improved corporate earnings and buying in previously beaten-down stocks.
Major banking stocks were higher, with Mizuho Financial Group rising 2% and Sumitomo Mitsui Financial Group gaining 1.2%.
The Seoul market was supported by gains in financial and brokerage stocks amid improved risk appetite, with Hana Financial Group surging 3.8% and Samsung Securities Co. rallying 5.9%.
Asiana Airlines fell 3.8% after its parent group, Kumho Asiana Group, said Friday that the country’s number-two airline by revenue may sell a 23.95% stake in Korea Express Co. to secure capital needed for the group’s restructuring. Korea Express rose 1%.
The Hong Kong market posted modest gains after selling off in the past two sessions. Cosco International Holdings rallied 3.4% after the company said it is selling its entire 16.85% stake in Sino-Ocean Land Holdings for 5.23 billion Hong Kong dollars ($673 million U.S). Sino-Ocean jumped 6.1% amid a massive trading volume of more than one billion shares.
The single currency was fetching $1.3317 U.S. from $1.3224 U.S. late in New York on Thursday, and 111.78 yen from ¥111.21. The dollar was at ¥83.94, compared with ¥84.06.
CHINA
Shares in China continued to be hobbled by worries that Beijing would launch further tightening measures to rein in rising inflation.
Shanghai’s CSI 300 Index gave back five points, or 0.2%, to 3,225.66
China United Network Communications fell 1%, Citic Securities Co. shed 0.5% and heavyweight PetroChina Co. lost 1.1%.
In other markets
Singapore’s Straits Times Index edged ahead 5.34 points, or 0.2%, to 3,153.01
Korea’s Kospi Index propped itself back up 17.06 points, or 0.9%, to 2,026.30
New Zealand’s NZX 50 Index hiked 31.34 points, or 1%, to 3,325.11
Australia’s S&P/ASX 200 Index was 20.80 points, or 0.4%, lower to 4,763.10
