Asia markets pared gains but ended firmly in positive territory on Friday, after data showing China’s economy cooled more than expected in the first quarter triggered fresh hope for more policy support.
In Japan, the Nikkei 225 Index jumped 113.20 points, or 1.2%, to 9,673.99
In Hong Kong, the Hang Seng Index leaped 373.72 points, or 1.2%, to 20,701
South Korean shares rebounded from previous session weakness with firms in the key shipping sector driving gains. Daewoo Shipbuilding & Marine Engineering Co. Ltd. surged 5.9% and Samsung Engineering Co. Ltd. advanced 5.5%.
The Bank of Korea left interest rates on hold at 3.25% as widely expected.
In Hong Kong trading, financial and property sector firms rallied. Agricultural Bank of China Ltd. jumped 6% and Ping An Insurance Group Co. climbed 4.3%. China Overseas Land & Investment Ltd. added 2.4% and China Resources Land Ltd. rose 5.5%.
Shares in shipping giant China Cosco Holdings Co. fell 0.2% after reports the shipping firm could seek up to 10 billion yuan ($1.59 billion U.S.) from the Ministry of Finance after record losses in 2011.
Gains for resource firms in Australian also moderated after the weaker-than-expected growth figures from key customer China.
Global miners BHP Billiton Ltd. and Rio Tinto Ltd. advanced 1.7% and 2.3% each, while copper producer PanAust Ltd. gained 4.5%.
Shares in Lynas Corp Ltd. jumped 7.8% after the rare earths miner won a court battle as it attempts to complete a processing plant in Malaysia.
In Tokyo, index heavyweight Fast Retailing Co. lent support, with shares surging 8.6%, after the firm revised up its full-year earnings outlook and reported a rise in interim profits late Thursday.
Major Japanese exporters making ground included Canon Inc., rising 1.3% and Casio Computer Co. up 2.4%. They were supported by dollar strength against the yen during Asian trading. The U.S. dollar rose to a high of ¥81.19 yen, up from ¥80.77 in North American trade late Thursday.
On the downside, Sony Corp. tumbled 5.5% after the electronics giant said it would cut 10,000 jobs worldwide as part of a restructure and set out financial targets late Thursday.
CHINA
China’s economic growth slowed by a more-than-expected to 8.1% in the first quarter from the same period a year earlier, official data released Friday showed.
In Shanghai, the CSI 300 Index gained 10.02 points, or 0.4%, to 2,580.45
That growth compared with an 8.9% increase in the country’s gross domestic product (GDP) in the fourth quarter of 2011, and also falls short of the 8.5% expansion expected by economists surveyed by FactSet Research.
A string of other Chinese economic reports were also released, including retail sales and industrial output.
Additionally, slowing growth may support expectations that the Chinese government will implement further monetary easing measures.
In other markets;
Korea’s Kospi Index added 22.28 points, or 1.1%, to 2,008.91
The Taiex index in Taiwan skyrocketed 125.35 points, or 1.6%, to 7,788.27
Singapore’s Straits Times Index tacked on 9.68 points, or 0.3%, to 2,987.82
New Zealand’s NZX 50 Index added 0.08 points to 3,487.17
Australia’s S&P/ASX 200 Index grew 42.67 points, or 1%, to 4,323.31
