Chinese and Hong Kong stocks ended higher after a roller-coaster ride Thursday, driven by hopes for solid economic growth even as property developers fell after Chinese authorities announced fresh restrictions on home purchases in Beijing.
Many other major markets also climbed, with Japanese shares rising for a fourth successive day this week as exporters extended gains in the wake of positive cues from Wall Street.
The Nikkei 225 index in Tokyo increased another 28.35 points, or 0.3%, to 10,836.60
Hong Kong’s Hang Seng Index regained 144.87 points, or 0.6%, to 23,301.80
Qantas Airways advanced in Sydney on an upbeat earnings report, while energy-sector shares finished strongly in the wake of overnight gains for crude-oil prices in New York, led by Inpex Corp. in Tokyo and Cnooc in Hong Kong.
Shares in Sydney were supported by broadly positive earnings reports, with Qantas rising 5.4% after its first-half results slightly topped expectations, and as the national carrier said it expects full-year earnings to be “materially higher” than the previous year.
Santos climbed 3.2% after its fiscal 2010 underlying profit beat consensus estimates, while Lend Lease Group added 1.9% after its first-half profit rose 10.5% on year.
Energy-sector shares were broadly higher in the region, with Inpex rising 3% in Tokyo, while Cnooc added 1.9% and PetroChina Co. gained 0.4% in Hong Kong.
Japanese shares ended higher, again led by exporters after a higher finish on Wall Street. Sony Corp. rose 1.8% and Nissan Motor Co. added 1.1%.
Honda Motor Co. advanced 1.1% after the Nikkei reported that the auto maker will likely conduct additional share buybacks of up to 40 billion yen ($479 million U.S.) in the fiscal year ending March 31 to meet its goal of returning 30% of net profits to shareholders.
Hyundai Heavy Industries dropped 2.3%, Hyundai Steel Co. lost 1.8% and GS Engineering & Construction Corp. gave up 3.7%.
Heavyweight stock Samsung Electronics rose 1% to provide some support, spurred in part by a strong earnings report from computer maker Dell. Samsung also said its television-making division will return to profit in the first quarter.
In foreign-exchange markets, the U.S. dollar was fetching ¥83.52 from ¥83.69 late Wednesday in New York, and 0.9572 Swiss franc from CHF0.9594. The euro was at $1.3552 U.S., compared with $1.3570, and at ¥113.23 from ¥113.50.
CHINA
Mainland property developers came under selling pressure after the Beijing municipal government placed fresh limits on home purchases on Wednesday.
Shanghai’s CSI 300 Index eased 2.62 points, or 0.1%, to 3,245.91
One of the measures introduced was that first-time home buyers, who are not Beijing residents, have to prove they have made social security payments in the five years before a purchase.
Beijing Vantone Real Estate lost 1.8% and China Vanke Co. shed 1.9% on mainland bourses, while Guangzhou R&F Properties Co. tumbled 3.1% and China Overseas Land & Investment gave up 3% in Hong Kong.
But gains in some steel, shipping and automobile stocks outweighed those declines. Shares of Wuhan Iron & Steel Co. rose 2%, Cosco Shipping Co. rose 2.3% and CNHTC Jinan Truck Co. rose 0.6% to extend gains.
Inner Mongolia Baotou Steel Rare-Earth gained 1.8% after China’s Ministry of Commerce said it will further regulate rare-earth exports and strongly combat the smuggling of rare-earth minerals.
The latest development follows Wednesday’s statement from China’s State Council, the country’s cabinet, that it will "streamline" the development of the rare-earth industry over the next five years and implement more restrictions on mining the metals.
In other markets;
Taiwan’s Taiex Index stumbled 29.08 points, or 0.3%, to 8,638.88
Korea’s Kospi Index subsided 11.89 points, or 0.4%, to 1,977.22
Singapore’s Straits Times Index gave back 11.89 points, or 0.4%, to 3,082.83
New Zealand’s NZX 50 gained 11.22 points, or 0.3%, to 3,395.70
Australia’s S&P/ASX 200 inched ahead 8.20 points, or 0.2%, to 4,938.40
