Asian stocks gained, with the MSCI Asia Pacific Index posting its third weekly advance, after Rio Tinto Group scrapped an investment by China in favor of a $15.2-billion share sale as commodity prices rebound.
Japan's Nikkei 225 gained 99.05 points, or 1% to close the week at 9,768.01, while Hong Kong's Hang Seng picked up 176.76 points, or 1%, to 18,679.53.
Rio surged 8.4% in Sydney after saying it will sell shares and form a $5.8-billion venture with BHP Billiton Ltd. instead of pursuing Aluminum Corp. of China’s investment. BHP, the world’s biggest mining company, climbed 8.7%.
Inpex Corp., Japan’s largest oil explorer, jumped 4.8% after oil prices rose to a seven-month high. Mazda Motor Corp. climbed 10% as Nikko Citigroup Ltd. raised its stock forecast.
Fortescue Metals Group Ltd. and Foxconn International Holdings Ltd. posted the biggest gains in Asia today. Fortescue jumped 14% after agreeing to develop an iron-ore project. Foxconn, the world’s biggest contract maker of mobile phones, surged 17% in Hong Kong after Morgan Stanley lifted its recommendation on the stock.
The Bank of Japan may upgrade its economic assessment of the country for a second straight month at the conclusion of a policy meeting beginning June 15, the Mainichi newspaper reported.
Australia’s statistics office said this week that gross domestic product gained 0.4% in the first quarter from the previous three months, compared with economist forecasts for a 0.2% contraction.
A weaker yen boosts the value of Japanese companies’ dollar-denominated sales. Sony Corp., which gets 24% of its revenue from the U.S., climbed 2.1%.
Elsewhere:
China’s Shanghai Composite Index slid 14.44 points, or 0.5%, to 2,939.31
Singapore’s Straits Times Index climbed 33.61 points, or 1.4% to 2,396.35
South Korea’s Kospi index strengthened 16.57 points, or 1.2% to 1,394.71
Taiwan’s Taiex subtracted 18.96 or 0.3%, to 6,767.10
New Zealand’s NZX 50 Index gained back 18.80 points, or 0.7% to 2,834.51
Australia’s S&P/ASX 200 moved higher by 36.60 points, or 0.9% to 3,971.20
