Most Asian markets rallied Thursday on robust corporate results and optimism the U.S. Federal Reserve may take steps to stimulate the U.S. economy, although some technology shares were subdued after Steve Jobs resigned as Apple Inc.’s chief executive.
In Japan, the Nikkei 225 average recaptured 132.75 points, or 1.5%, to 8,772.36
Hong Kong’s Hang Seng Index regained 285.69 points, or 1.5%, to 19,752.50
The day’s broad gains came ahead of a keenly-awaited speech by Fed Chairman Ben Bernanke Friday, amid speculation whether he’ll hint at further monetary stimulus to support the U.S. economy.
The stage was set for gains in Asia after U.S. stocks rose for a third straight session Wednesday, helped by a rise in durable-goods orders.
In Hong Kong, shares of telecommunications major China Unicom Hong Kong Ltd. and local lender BOC Hong Kong Holdings Ltd. soared 12.3% and 5.8%, respectively, after each reported half-year results that beat analysts’ expectations.
Also rising on the back of results, energy major Cnooc Ltd. climbed 3% and Bank of China Ltd. gained 0.7%.
Their gains more than offset weakness in shares of China Life Insurance Co., which fell 3.8% on top of Wednesday’s 11.5% plunge after reporting a sharp decline in profits.
In Sydney, BHP Billiton Ltd. added 1.1% after the mining giant posted an 86% jump in fiscal-year profit Wednesday.
But not all earnings-related news was good.
Acer Inc. tumbled by the day’s 7% limit in Taipei after posting a second-quarter loss and saying it now also expects to post a loss for 2011, downgrading its earlier forecast for a profit.
Shares of some Apple suppliers in the region under-performed, with Hon Hai Precision Industry Co. falling 4.6% and Catcher Technology Co. losing 6.8% in Taipei, while Hong Kong-listed Foxconn International Holdings Ltd. rose 0.9%, less than the broad market.
Meanwhile, some Apple competitors were higher. Among smartphone makers, Samsung Electronics Co. jumped 2.4% in Seoul, and HTC Corp. rose 1.4% in Taipei.
Stocks in a number of beaten-down sectors advanced during the session across the region, as investors looked past global economic worries that have dogged regional markets this month.
Automobile stocks jumped in Japan and South Korea, with Toyota Motor Corp. up 1.7% and Honda Motor Co. adding 5.4% in Tokyo, while Kia Motors Corp. gained 1.9% in Seoul.
Even so, worries about the world economy persisted amid downgrades to growth forecasts. In a note released Thursday in Asia, UBS cut its growth estimates for the global economy in 2012 to 3.3% from an earlier forecast of 3.8%. Citigroup separately cut its own growth forecasts for 2012 to 3.2% from 3.7% earlier.
CHINA
Banking and property shares were among the big gainers on Chinese bourses Thursday
Shanghai’s CSI 300 Index garnered 93.82 points, or 3.3%, to 2,903.84
China Merchants Bank Co. rose 4.6% and China Construction Bank Corp. adding 2.7%. Among developers, Poly Real Estate Group Co. rose 5.4% in Shanghai and China Vanke Co. climbed 3.4% in Shenzhen.
In other markets;
Korea’s Kospi Index inched up 9.80 points, or 0.6%, to 1,764.58
Taiwan’s Taiex Index fell 92.06 points, or 1.2%, to 7,410.87
Singapore’s Straits Times Index gained back 45.84 points, or 1.7%, to 2,765.74
New Zealand’s NZX 50 Index picked up 14.05 points, or 0.4%, to 3,301.58
Australia’s S&P/ASX 200 Index tacked on 45.20 points, or 1.1%, to 4,212.80
