Most Asian markets pushed higher Thursday after the International Monetary Fund unveiled a plan to boost its lending resources and the Chinese central bank moved to ease liquidity in the money markets.
In Japan, the Nikkei 225 Index gained 89.10 points, or 1%, to 8,639.68
In Hong Kong, the Hang Seng Index ballooned 256.03 points, or 1.3%, to 19,942.90
In Asia next week, Chinese markets are closed the whole week, while Hong Kong bourses are shut from Monday to Wednesday for the Lunar New Year holidays. Taiwan’s markets, which were closed on Thursday, will now only reopen on Jan. 30.
Shares of chip makers marched higher in Asia after the Philadelphia Semiconductor Index rallied 5% in the U.S. overnight, helped in part by robust earnings for Linear Technology Corp. and Micron Technology Inc.
In Seoul, that helped lift shares of Hynix Semiconductor Inc. by 4.2%, while Samsung Electronics Co. gained 4.1% despite news it faced a patent suit from Eastman Kodak Co.
In Tokyo, Elpida Memory Inc.-- which is reportedly in talks for a tie-up with Micron -- gained 5.3%, while Kyocera Corp. advanced 1.9%.
Among Hong Kong developers, Hang Lung Properties Ltd. soared 9.7% after reporting a 29% increase in its underlying profit for the six months to Dec. 31.
Many financial firms also saw strong gains in Asia after better-than-expected quarterly results from Goldman Sachs Group Inc., and as reports suggested a positive outcome for talks between the Greek government and private bondholders to avoid a hard default.
In Japan, Nomura Holdings Inc. added 4.3% and Daiwa Securities Group Inc. rose 4.9%, while in Sydney, Macquarie Group Ltd. made a 2.1% gain.
In Hong Kong, shares of China Construction Bank Corp. saw a 2.5% improvement, while insurer AIA Group Ltd. climbed 3.4%.
Select commodity firms also enjoyed a solid advance, with at least one expert citing their role as a proxy for global growth expectations.
In Sydney, Alumina Ltd. rose 1.6%, while uranium miner Paladin Energy Ltd. surged 5.9%.
In Hong Kong, Aluminum Corp. of China Ltd. jumped 5.8% and gold producer Zijin Mining Group Co. gained 0.9%.
CHINA
In Shanghai, the CSI 300 Index regained 46.16 points, or 1.9%, to 2,468.35
The gains came after the People’s Bank of China offered 183 billion yuan ($29 billion U.S.) in 14-day reverse repurchase agreements Thursday. The injection, coming amid tight liquidity ahead of next week’s Lunar New Year holidays, pulled short-term borrowing rates lower in Chinese interbank money markets.
One expert said "everybody’s getting a little excited" in the wake of the Chinese central bank’s action, overnight gains on Wall Street and the IMF’s plan to raise an additional $500 billion U.S. in lending resources.
Real-estate shares were among the leaders in Hong Kong as well as Shanghai, with some major names extending gains from Wednesday’s session after weak Chinese housing data earlier in the week raised expectations for support from the central bank.
Shares of China Overseas Land & Investment Ltd. climbed 2.8% in Hong Kong and Poly Real Estate Group Co. jumped 5.4% in Shanghai.
In other markets;
Korea’s Kospi Index added 22.58 points, or 1.2%, to 1,914.97
Singapore’s Straits Times Index tacked on 15.80 points, or 0.6%, to 2,811.20
New Zealand’s NZX 50 Index gained 17.24 points, or 0.5%, to 3,264.74
Australia’s S&P/ASX 200 Index docked 3.11 points, or 0.1%, to 4,214.77
