Asian stocks were bolstered Friday as traders jumped in to buy risk assets ahead of the weekend, following news that European leaders had unexpectedly agreed on various measures to address the euro-zone debt crisis.
Japan’s Nikkei 225 Index gained 132.67 points, or 1.5%, to close out the week at 9,086.78
The Hang Seng Index in Hong Kong rocketed 416.19 points, or 2.2%, to 19,441.46
Japan’s Nikkei was the best performer for the week as well as in June, but still ended the quarter with the worst figures among the six benchmarks. Its 2.4% gain this week helped it notch a 5.4% monthly advance. But the Average still finished the quarter with a loss of 10.7%, thanks to sharp losses in the previous two months, according to data from FactSet Research.
Several Asian markets reversed course from early losses and some others extended gains after European leaders came up with a plan to create a single financial supervisory mechanism and agreed on steps to lower borrowing costs for Spain and Italy.
European Commission President Herman van Rompuy said that financial assistance will be provided by the temporary bailout fund — the European Financial Stability Facility — until funding from the European Stability Mechanism becomes available.
Among major benchmarks across the Asia-Pacific, the best performer in the year-to-date period was the Philippine stock index, up 20% from last year’s close at the end of the day’s trading in Manila. The worst was Australia’s S&P/ASX 200, up less than 1%, and followed closely by the Shanghai Composite, which gained 1.2% in the first six months of 2012.
Among major stock movers in Asia on Friday, Sony Corp. rose 2.4%, and Toyota Motor Corp. gained 2.6% in Tokyo, reversing losses earlier in the day.
In Hong Kong, China Coal Energy Co. jumped 4.1%, Sino Land Co. rose 3% and gaming firm Sands China Ltd. jumped 5.6%.
Inpex Corp. gained 2.4% in Tokyo, Woodside Petroleum Ltd. gained 1.3% and Santos Ltd. added 1.9% in Sydney, while PetroChina Co. rose 2.4% in Hong Kong and 0.8% in Shanghai.
Newcrest Mining Ltd. climbed 3% and diversified mining heavyweight BHP Billiton Ltd. gained 2.3% in Sydney.
Shares of Zijin Mining Group Co. rose 2.8% and Jiangxi Copper Co. added 2.2% in Hong Kong.
CHINA
Gains for mainland Chinese stocks were relatively subdued after data from the National Bureau of Statistics showed profits for major companies dropped 5.3% in May from the year-ago month.
Shanghai’s CSI 300 index picked up 35.88 points, or 1.5%, to 2,461.61
Shares of Zijin Mining Group Co. rose 1.3% and Jiangxi Copper Co. added 2.6% in Shanghai.
In other markets
Korea’s Kospi Index prospered 34.83 points, or 1.9%, to 1,854.01
Singapore's Straits Times Index boosted 31.63 points, or 1.1%, to 2,878.45
Taiwan’s Taiex Index grew 126.67 points, or 1.8%, to 7,296.28
New Zealand’s NZX index shed 1.51 points to 3,399.84
Australia’s ASX Index rose 49.80 points, or 1.2%, to 4,094.63
