Most Asian stocks rose Friday as investors took in their stride indications that no major progress had been made to avert the U.S. fiscal cliff, with Chinese shares rebounding from near four-year lows to snap a four-day losing streak.
The Nikkei 225 Index in Japan gained 45.13 points, or 0.5%, to 9,446.01
In Hong Kong, the Hang Seng index leaped 107.50 points, or 0.5%, to 22,030.39
The performance added to the solid monthly gains for most regional markets: Japanese and Taiwanese stock benchmarks ended November with a 5.8% surge, while the Shanghai and Shenzhen indexes finished November with a loss of 4.3% and 10.9%, respectively.
South Korea’s Kospi defied the broad regional advance to end 0.1% higher, but finished both the week and the month with a 1.1% gain.
Aslew of Japanese data out Friday helped to lift sentiment, with the country’s industrial production unexpectedly rising in October after a sharp decline in the previous month.
The Japanese government separately announced its approval for a second stimulus package in a little more than a month, comprising of 880.3 billion yen ($10.7 billion U.S.) in spending.
Exporters performed particularly well as the dollar rose against the yen to ¥82.65 from ¥82.11 in early action, while the euro hit a seven-month high against the yen.
Among currency-sensitive firms, Nikon Corp. gained 4.5%, and Canon Inc. advanced 1.2%.
Elsewhere, Mitsubishi Heavy Industries Ltd. climbed 3%, and Hitachi Ltd. advanced 4.2%, after the firms said they will merge their thermal-power businesses and related units in a joint venture by 2014.
Gains in Hong Kong were led by banks, with heavyweight stock HSBC Holdings PLC rising 1.4% and Bank of Communications Co. climbing 2%.
Hong Kong Exchanges & Clearing Ltd. fell 0.8% after announcing a plan to raise 7.75 billion Hong Kong dollars ($1 billion) via a private placement to fund its acquisition of the London Metal Exchange.
In other stock market related news, People’s Insurance Co. Group of China — commonly known as PICC — priced its initial public offering at HK$3.48 (45 U.S. cents), a level near the low end of its indicative price range of HK$3.42–HK$4.03. The firm makes its trading debut on Dec.7, and PICC’s listing is set to become the largest IPO — at a projected $3.1 billion — for a Chinese state-owned company since 2010.
In Australia, shares of miners ranked among the gainers after metals prices rose in New York trade on Thursday.
Fortescue Metals Group Ltd. rose 1.3% and Rio Tinto Ltd. climbed 2.8% after announcing cost plans on Thursday.
CHINA
The Shanghai CSI 300 Composite Index regained 23.99 points, or 1.1%, to 2,139.66
Over on mainland Chinese bourses, construction-related shares advanced after Vice Premier Li Keqiang reportedly said urbanization remains a main focus area for the leadership in coming years.
Shares of property developer China Vanke Co. rose 3.8% in Shenzhen, while Anhui Conch Cement Co. jumped 4.9% and Poly Real Estate Group Co. climbed 3.3% in Shanghai.
In other markets
In Singapore, the Straits Times Index took on 24.05 points, or 0.8%, to 3,069.95
Korea’s Kospi index sliced off 1.95 points to 1,932.90
Taiwan’s Taiex Index gained 76.62 points, or 1%, to 7,580.17
New Zealand’s NZX 50 moved ahead 33.32 points, or 0.8%, to 4,050.09
Australia’s ASX Index tacked on 28.31 points, or 0.6%, to 4,506.34
