Asian markets surged Friday, with major indexes posting over 1% gains each, tracking the rally in European and U.S. equities overnight and getting a boost from a slight uptick in oil prices and comments from the European Central Bank (ECB).
In Japan, the Nikkei 225 spiked 941.27 points, or 5.9%, higher to conclude the week at 16,958.53. Despite the surge, the index remains down 18.7% from the 52-week closing high set in June 2015.
The Hang Seng index in Hong Kong recovered 538.36 points, or 2.9%, to 19,080.51
Japan's Sharp trimmed gains to close up 3.1% after climbing as much as 11.7% earlier, following a Nikkei report that said the company's main creditors may accept a rescue plan from a Japanese government-tied fund.
Other Japanese exporters also gained, with Toyota surging 6.7%, Honda tacking on 6% and Sony up 4%. The yen weakened overnight against the U.S. dollar, with the pair trading at 118.02 during Asian hours. A weaker yen boosts exporters' overseas earnings when translated back into the Japanese currency.
On Thursday, a Wall Street Journal report, citing sources familiar with the matter, said Taiwanese manufacturer Foxconn, best known for assembling iPhones, made a 625-billion-yen ($5.3 billion U.S. ) offer to take over the company, including its substantial levels of debt.
Taiwan-listed Foxconn shares were up 1.3%.
Australian stocks buoyed by sharp gains in the energy sector, up 3.8%, and materials, gaining 3%
Energy plays around the region climbed, with Australia's Santos among the biggest gainers, rallying 10.2% by market close.
Earlier, Santos issued its fourth-quarter activity report showing production level, sales and revenue declined over the same period in the previous year. However, its full-year production for 2015 was at 57.7 million barrels of oil equivalent (mmboe), the highest since 2007.
The company also moved to reassure investors over its financial health.
Other oil names also surged, with Oil Search tacking on 8.9% Japan's Inpex up 7.2% and Japan Petroleum adding 5.5% and South Korea's S-Oil increasing 1.7%
ECB President Mario Draghi hinted that new stimulus may be forthcoming at the central bank's meeting in March.
CHINA
The CSI 300 Index regained 32.12 points, or 1%, to 3,113.46.
Chinese oil stocks were mostly up, with mainland shares of China Oilfield and Petrochina retracing morning losses, Oilfield up 0.5% and Petrochina climbing 1%.
In other markets
In Singapore, the Straits Times Index recouped 44.39 points, or 1.8%, to 2,577.09
The Kospi in Korea recovered 38.9 points, or 2.1%, to 1,879.43
Taiwan’s Taiex index added 92.17 points, or 1.2%, to 7,756.18
In New Zealand, the NZX 50 climbed 40.71 points, or 0.7%, to 6,121.61
The ASX 200 kept rolling, gaining 51.95 points, or 1.1%, to 4,915.95.
