Asian stocks rose Friday, with Japan’s benchmark index extending gains to a new 15-year high on prospects for better earnings. Many markets were closed for the Lunar New Year holiday.
The Nikkei 225 index gained 67.51 points, or 0.4%, to 18,332.30, the highest level since May 2000. In recent months, Japanese stocks have risen steadily as investors have taken a renewed interest in companies that have shifted their focus back to growth and efficiency.
Among individual stock moves, Japan Display Inc. rose 5.4% amid speculation that the company will open a factory in Japan to supply parts to Apple Inc.
A source familiar with the matter said Friday the company might build a factory to increase panel production, and that Apple would cover much of the plant’s construction costs. Japan Display’s rival Sharp Corp. lost 2%.
Australian waste management firm Transpacific Industries Group Ltd fell 11% after it announced a first-half loss and warned that it doesn’t expect any improvement in market conditions for the remainder of the financial year.
Medibank Private Ltd. lost 3.5%, despite a rise in first-half profit after it said rising health-care costs in Australia were prompting customers to drop insurance policies.
Meridian Energy Ltd. gained 5.1% after the company said electricity demand in January increased 4% from a year earlier.
Gains in Asian stocks were limited because concerns remained about Greece’s standoff with its European creditors, analysts said. On Thursday, Germany dismissed Greece’s request to extend its bailout program, setting up a complicated round of negotiations among euro-zone governments.
The euro declined against the yen to ¥134.86 from ¥135.17 late Thursday in New York, according to EBS. The common currency also fell against the Australian dollar to A$1.4521 from A$1.4591.
In other markets;
Markets in Hong Kong, Shanghai, Taiwan, Korea and Singapore were closed for the Lunar New Year
New Zealand’s NZX 50 index gained 22.72 points, or 0.4%, to 5.748.95
The S&P/ASX index dipped 22.69 points, or 0.4%, to 5,881.54
