Hong Kong stocks led most Asian markets higher on Friday amid hopes that global central banks may join hands to coordinate a policy response after this weekend’s crucial election in Greece.
Japan’s Nikkei 225 Index sneaked up 0.43 points to finish the week at 8,569.32
The Hang Seng Index in Hong Kong jumped 425.54 points, or 2.3%, to 19.233.94
South Korean shares diverged, finishing lower as investors nervous about upcoming European events took profits, while Japanese stocks ended flat as exporters were hit by the yen’s gains after the Bank of Japan left its monetary policy stance unchanged.
Most regional markets also finished the week on a positive note. Hong Kong’s Hang Seng Index again put in a strong performance, ending the week with a 4% gain, while the Taiex rose 2.2%.
Several financial stocks in the region rallied. Mitsubishi UFJ Financial Group Inc. climbed 1.7% in Tokyo, Commonwealth Bank of Australia advanced 0.6%, and KB Financial Group Inc. added 1.2% in Seoul, while in Hong Kong, BOC Hong Kong Holdings Ltd. jumped 5% and heavyweight HSBC Holdings PLC added 2.4%.
Performance in Tokyo was hit by the yen’s strength after the BOJ paused on interest rates and on further monetary easing, avoiding policy action ahead of the Greek elections.
A rally in commodity prices, aided by the dollar’s weakness, spurred several commodity stocks.
Shares of Cnooc Ltd. jumped 3.8% in Hong Kong, while PetroChina Co. rose 2.3% in Hong Kong and 0.3% in Shanghai; Woodside Petroleum Ltd. climbed 1% and Fortescue Metals Group Ltd. added 1.9% in Sydney; and Korea Zinc Co. rose 1.8% in Seoul.
Shares of Esprit Holdings Ltd. soared 9.9% in Hong Kong after two days of hefty losses on worries about senior executives leaving the company. But the rebound Friday came after its departing chief executive said his resignation didn’t indicate a crisis at the company. The shares are still down 19.7% this week.
Among other notable movers, shares of department store operator Takashimaya Co. added 0.5% in Tokyo after the Nikkei newspaper reported that its operating profit for the March-to-May period jumped 40%.
In Seoul, SK Hynix Inc fell 2.1% after Woori Bank reportedly sold its 1.4% stake in the firm for 220 billion Korean won ($189 million U.S).
Samsung Electronics Co. tumbled 3.5% after two of the company’s display panel units said that some of their flat panel manufacturing lines were briefly suspended on Thursday due to a power shortage, according to reports.
CHINA
Shanghai’s CSI 300 Composite Index hiked 7.63 points, or 0.3%, to 2,568.05
Shares of Chinese dairy producers declined on news Inner Mongolia Yili Industrial Group Co. has recalled some milk powder products, after a government inspection found "unusual" levels of mercury in them. Shares of the company tumbled by the day’s 10% limit in Shanghai, while China Mengniu Dairy Co. lost 3.2% in Hong Kong.
In other markets
Korea’s Kospi Index stepped back 13.32 points, or 0.7%, to 1,858.16
Singapore's Straits Times Index gained 37.19 points, or 1.3%, to 2,811
Taiwan’s Taiex Index reacquired 80.73 points, or 1.1%, to 7,155.83
New Zealand’s NZX index added 30.99 points, or 0.9%, to 3,447.07
Australia’s ASX Index gathered 15.09 points, or 0.4%, to 4,057.33
