Most Asian stocks advanced on Friday as investors temporarily looked past turmoil in the Mideast and North Africa to snap up beaten-down shares after an overnight retreat in crude-oil prices.
The Nikkei 225 index in Tokyo ended a three-session losing streak with a gain of 74.05 points, or 0.7%, to close the week at 10,526.
Hong Kong’s Hang Seng Index also put an end to its losing ways this week, recouping 411.33 points, or 1.8%, to 23,012.40
The rebound came as crude-oil prices retreated after the International Energy Agency assured it was prepared to release its emergency oil stockpiles to cover any shortfalls resulting from the turmoil. Saudi Arabia also said the Kingdom "definitely can -- and is willing to -- supply more oil to the market."
April Nymex crude-oil futures rose to a two-and-a-half-year high of $103.41 U.S. per barrel on Thursday, before pulling back to end at $97.28 U.S. More recently, however, the front-month contract was $1.11 higher at $98.39 U.S. a barrel on Globex.
Airlines, hard-hit by the recent oil-price surge, were mostly higher around the region.
Seoul-listed Korean Air Lines Co. added 4.8%, Hong Kong’s Cathay Pacific Airways tacked on 3.6%,
Australia’s Qantas Airways rose 2.2%.
The overnight fall in crude-oil also bolstered exporters in Tokyo. Nissan Motor Co. rose 0.7% and Sony Corp. added 1.2% in Tokyo.
Toyota Motor Co. advanced 2.2% despite another U.S. recall.
Elpida Memory Inc. soared 6.4% after its president signaled a price hike for semiconductor memory chips next month.
In Hong Kong, AIA Group climbed 5.7% after reporting an above-expectation 54% on-year rise in full-year net profit, helped by a growth in new business.
In Sydney, Origin Energy tacked on 5.8% after the company said its 35-billion-Australian-dollar ($35.35 billion U.S.) gas export joint venture with ConocoPhillips has agreed to sign China Petrochemical Corp. as a customer.
Iluka Resources spiked 7.8% after an unexpected dividend announcement, and Woolworths advanced 1.3% after saying it’s surprised by the strength of its performance at the start of its second half.
New Zealand’s NZX 50 ended lower amid concerns the recent earthquake would deal another blow to the fragile economy. Among large-capital stocks, Auckland International Airport fell 0.9%, while Telecom Corp. of New Zealand gave up 1%.
In foreign markets, the Swiss franc and the yen were steady against the U.S. dollar as the Mideast and North Africa turmoil continued to keep the flight-to-safety theme in play despite a mild easing in risk aversion.
The dollar, which sank to a record low against the Swiss franc at CHF0.9234 on Thursday, was recently at CHF0.9251, from CHF0.9264 late in New York on Thursday, and at 81.86 yen from ¥81.89. The euro was at $1.3816 from $1.3799, and at ¥113.10, compared with ¥112.99.
CHINA
Chinese shares erased earlier losses to end little changed, paced by financial shares.
The Shanghai CSI 300 Index tacked on 6.68 points, or 0.2%, to 3,197.62.
Brokerages gained on hopes of higher revenues due to possible supportive policies, with Citic Securities Co. adding 2.4% and Hong Yuan Securities Co. rising 1%.
Shenzhen Development Bank Co. rose 2.1% after reporting its full-year net profit rose 25% on-year on steady lending growth.
In other markets;
Taiwan’s Taiex Index advanced 58.01 points, or 0.7%, to 8,599.65
Korea’s Kospi Index reacquired 13.55 points, or 0.7%, to 1,963.43
Singapore’s Straits Times Index won back 52.08 points, or 1.8%, to 3,025.16
New Zealand’s NZX 50 dipped 4.44 points, or 0.1%, to 3,363.91
Australia’s S&P/ASX 200 moved up 27.20 points, or 0.6%, to 4,836.50
