Most Asian markets jumped on Friday to end the week on a buoyant note, with financials pacing the advance after an extended rally on Wall Street, while energy-related stocks rose on firm crude-oil prices.
The surge was sparked by banking shares after media reports cited officials at Citigroup and Bank of America as saying they won't need further capital injections from the U.S. government.
Japan's Nikkei 225 Average soared 371.03 points, or 5.2%, to 7,569.28 for its biggest one-day percentage gain since mid-December, while the Hang Seng Index in Hong Kong leaped 524.27 or 4.4% to 12,525.80
Among financial stocks in the region, HSBC Holdings surged 5.7% in Hong Kong, and Sumitomo Trust & Banking Co. soared 13% in Tokyo, while Industrial Bank of Korea added 3%.
Australia & New Zealand Banking Group advanced 4.9% in Sydney, with news it plans to send more of its back office and technology roles to its facility in India this year.
Japanese exporters also jumped during the session, with Canon Inc. rising 8.6% and Sony Corp. climbing 9.1%.
In the energy sector, Inpex Corp. gained 3.7% in Tokyo, after it said one of its units had agreed to obtain an additional stake in an oil block off Western Australia from BHP
Billiton. BHP itself gained 4.3% while Woodside Petroleum climbed 5% in Sydney, while Cnooc added 4.1% in Hong Kong.
Tourism shares gained in Taiwan, still helped by a Commercial Times report that airlines had asked the government to increase the number of cross-strait flights to at least 162 per week, to meet strong demand. Shares of China Airlines rose 1.3% while Eva Airways gained 3.9%.
The euro was recovering after an early-Asia slip, at $1.2927, from $1.2924 late in New York, and at 126.7.20 yen, from 126.20 yen. The U.S. dollar was around 98.39 yen.
CHINA
Shanghai’s Composite Index was off 10.28 points, or 0.5% to 2,205.42
The decline in Shanghai came after Chinese Premier Wen Jiabao said earlier in the day the country would come up with new stimulus packages when needed. He also said China, the U.S. government's largest creditor, was "worried" about its holdings of U.S. Treasuries.
Elsewhere:
Singapore’s Straits Times Index gained 83.99, or 5.6%, to 1,577.52
Taiwan’s Taiex picked up 142.74 points, or 3% at 4,897.39
South Korea’s Kospi was off 2.36, or 0.2% to 1,126.03
New Zealand’s NZX 50 regained 31.77, or 1.3% to close the week at 2,523.39
Australia’s S&P/ASX 200 jumped 109.70, or 3.4% to end at 3,345.20
