Asian markets posted hefty gains Friday in a roller-coaster week, with banks such as Mizuho Financial Group, National Australia Bank and HSBC Holdings rising sharply after an economic stimulus proposal by the U.S. government lifted stocks on Wall Street.
Hong Kong's Hang Seng index was up 5.3 percent at 24,793.52, with the main index of shares of locally listed Chinese companies up 7 percent at 13,838.00. In Tokyo, the Nikkei was up 2.9 percent at 13,446.04 and the broader Topix up 3.4 percent at 1,327.96.
Japanese exporters were buoyed by the weaker yen as well as news of the US stimulus package. Honda Motor surged 6.5 percent to Y3,270 and Toyota Motor rose 5.3 percent. Sony rose 2.2 percent to 5,100.
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In Australia -- stocks rose 4.1 percent to 5,809.3, with Allco Finance rising another 17 percent on top of Thursday's rally, having eased investor fears about the mass selling of shares tied to margin loans. Commodity producer BHP Billiton was one of the biggest contributors to the market's gains, gaining 4.6 percent.
India's Sensex, which also reversed direction and ended lower after the Societe Generale news broke Thursday, rose 5.2% to 18,114.61 by mid-afternoon.
New Zealand's NZX 50 index rose 1.9% to 3,729.15.
South Korea's Kospi rose 1.8% to 1,692.41.
Singapore's Straits Times index gained 3.6% to 3,159.03.
Taiwan's Weighted index advanced 3% to 7,739.59.
China's Shanghai Composite rebounded from intraday losses to end up 0.9% at 4,761.69, overcoming fears the country's central bank may further tighten monetary policy to keep a lid on inflation.
with files from other services
