Chinese shares capped the week with a two-day rally, while Hong Kong shares headed for their first positive week in four, as markets elsewhere steered near flat.
In Tokyo, the Nikkei 225 index gained 50.8 points, or 0.3%, to close the week at 20.650.92.
The Nikkei ended up 4.4% for the week, its best weekly percentage gain since October, when the Bank of Japan’s easing campaign began. The gains come amid quieting concerns about Greece and China and a weakening yen.
The Japanese currency touched a three-week low Friday against the U.S. dollar, last at ¥123.98.
In Hong Kong, the Hang Seng Index vaulted 252.49, or 1%, to 25,415.27, and was headed for a weekly gain after four straight weeks of losses. A gauge of Chinese companies listed in the city rose 1.5%.
Foreign investors have pulled money out of Shanghai stocks via a trading link with Hong Kong for the past nine days, the longest streak since the program began in November.
Gains elsewhere in Asia were minimal, as the market assesses Greece’s approval of steep spending cuts and tax increases, a key step toward obtaining further aid and keeping the indebted country in the euro-zone. The European Central Bank boosted its emergency lending to Greek banks, a move that could pave the way for them to reopen.
The euro was roughly flat at $1.09 from $1.0876 U.S. late Thursday in New York. The currency is trading at its lowest level since late May amid worries about Greece.
In South Korea, Samsung Electronics Co. shareholders voted to approve an $8-billion U.S. takeover proposal of construction-and-trading firm Samsung C&T Corp. by Samsung’s de facto holding company, Cheil Industries Inc. U.S. hedge fund Elliott Associates LP, the third-largest shareholder of Samsung C&T, had tried to block the sale, saying that the proposal undervalues Samsung C&T.
Analysts and investors have long forecast that the controlling Lee family eventually would seek to combine affiliate Samsung SDS with Samsung Electronics. Samsung SDS shares shot up 9.4% on Thursday, though they slipped Friday after the shareholder vote. Shares of Samsung Electronics are up 1.8%.
Meanwhile, shares of Samsung Heavy Industries were down more than 10%, their lowest in a year, on expectations that the shipbuilder will post a considerable loss in the second quarter.
CHINA
In China, the CSI 300 jumped 154.14 points, or 2.9%, to 4,151.50
Trading has resumed for hundreds of suspended firms this week. Some 643 firms remained frozen as of 9 a.m. local time Friday, according to FactSet, near the historical average.
At 22.4% of the market in terms of listed firms, the level has halved since the height of the freezes. The frozen shares have caused a headache for investors who haven’t been able to sell for cash and face challenges valuing the shares.
Some analysts say a recent crackdown on gray-market financing of borrowing to buy stocks has pushed much of the highly leveraged funds from the market. The level of margin financing was at 1.42 trillion yuan ($228.6 billion U.S.) as of Thursday, according to Wind Information Co., flattening out after plunging over the past month as bets unwound during the market downturn.
In other markets
Markets in Singapore were shuttered for holiday
In Taiwan, the Taiex index eked up 3.77 points to 9,045.98
In Korea, the Kospi index lost 11.10 points, or 0.5%, to 2,076.79
The NZX 50 added 29.61 points, or 0.5%, to 5,853.76
The ASX 200 Index poked forward 0.5 points to 5,670.11
