Asian markets advanced Friday to extend their weekly gains, with refiners and metal producers lifting Chinese shares to a fresh 13-month high, while Japanese stocks climbed as a weakened yen boosted exporters.
The Nikkei 225 index in Tokyo gained another 151.61 points, or 1.6% to close the week out at 9,944.55, with exporters higher after the yen fell against the U.S. dollar in New York trading.
Among Japanese exporters, Toyota Motor rose 2.5% and Canon climbed 4.4%. Panasonic soared 8.3% after J.P. Morgan upgraded the stock to "overweight."
In Hong Kong, the Hang Seng Index tacked on another 165.09 points, or 3%, to close at 19,982.79, after flirting with and even surpassing the 20,000-point mark for the first time since September, but couldn't hold on to those gains. The index finished shy of that level.
In Hong Kong, Chalco gained 6.3%, PetroChina rose 1.7% and Sinopec advanced 0.6%. Foxconn International Holdings fell 7.1% in Hong Kong after the company said it may report a loss for the first half, due to impairment charges and a lower foreign-exchange gain. Property stocks also fell back in Hong Kong after recent gains, with Cheung Kong down 0.6% and Hang Lung Properties off 1.3%.
In Seoul, Hynix Semiconductor fell 0.3% after it reported a second-quarter net loss, belying expectations of a profit.
Samsung Electronics ended just 0.7% higher after the world's largest maker of computer memory chips by revenue posted a better-than-expected second-quarter net profit. The company sounded a cautious note, saying its operating profit may be pressured by the appreciation of the won and intensifying market competition.
SK Energy fell 1.3%. South Korea's largest refiner by capacity said its second-quarter net profit rose 16% from a year ago, but operating profit and revenue dropped on weak refining and lubricant margins
There was no major reaction in Seoul to the country's second-quarter gross domestic product data, which were in line with expectations. GDP grew a seasonally adjusted 2.3%, from a 0.1% quarter-to-quarter gain in the first quarter, for the fastest growth since the fourth quarter of 2003.
In Australia, crop-protection company Nufarm surged 13% after saying it had been approached about a potential takeover by Sinochem, though it added there was no certainty any agreement would be reached or an offer put to shareholders.
Australian commodity stocks were also aided by stronger metal prices, with BHP Billiton up 1.1% and Woodside Petroleum higher by 1.8%.
In currency trading, the euro was at $1.4203 U.S., little changed from its New York level, and at 134.89 yen, from 135.07 yen. The U.S. dollar was at 94.94 yen, from 95.10 yen in New York.
CHINA
Shanghai’s 300 Composite Index gained 15.59 points, or 0.4%, to 3,667.56, to highs it hasn’t seen since late May 2008. Friday's advance marked the Shanghai index's sixth successive week of gains.
Shares of PetroChina climbed 5.3% and China Petroleum & Chemical Corp., or Sinopec, added 3.5% in Shanghai on hopes for strong corporate earnings. Among metal producers, Aluminum Corp. of China, or Chalco, soared by the daily limit of 10% in Shanghai, while in Shenzhen, Yunnan Copper hit the 10% upper limit for a second straight session.
Elsewhere:
Singapore’s Straits Times Index picked up 48.53 points, or 2%, to 2,533.43, breaching the 2,500-mark for the first time since September 2008.
South Korea’s Kospi index advanced 6.10 points, or 0.4%, to 1,502.59
Taiwan’s Taiex slid 7.60 points, or 0.1%, to 6,973.28
New Zealand’s NZX 50 Index added 42.54 points, or 1.5%, to 2,961.17
Australia’s S&P/ASX 200 gained 25.70 points, or 0.6% to 4,089.80
