Asian markets posted strong gains Friday as worries about sovereign debt problems in Europe diminished and as the euro's rebound sent Japanese stocks to their highest finish in nearly 18 months.
In Tokyo, the Nikkei 225 rocketed up 167.52 points, or 1.6%, to end the week at 10,996.37, its highest close since the early days of October 2008, after briefly topping the psychologically-important 11,000-point level.
The Hang Seng Index in Hong Kong capped a wild week by regaining 274.56 points, or 1.3%, to 21,053.11.
The strong gains in Tokyo followed news that European leaders and the International Monetary Fund have agreed to support debt burdened-Greece, which pushed the euro higher against the yen and other currencies.
Exporters gained as a result, with Toyota Motor Corp. climbing 1.5% and Sony Corp. adding 2.2%, while Mazda Motor Corp. advanced 2.1%.
In Sydney, Rio Tinto fell 0.4% and BHP Billiton gave up 0.1% after the Australian Competition and Consumer Commission said Thursday that it was planning an examination of a planned iron-ore joint venture between the two mining giants.
The euro jumped to $1.3366 U.S. from $1.3282 U.S. in late New York trade Thursday, and to 123.68 yen from 123.13 yen. The dollar was at 92.46 yen from 92.70 yen.
CHINA
Chinese banking stocks jumped despite Industrial & Commercial Bank of China's plans to raise funds, as some analysts saw the move ending speculation over capital-raising after last year's lending spree.
Shanghai’s CSI 300 Index added 45.87 points, or 1.4%, to 3,275.
Shares of major Chinese banks rose in Shanghai as well as in Hong Kong after the nation's largest bank, ICBC, Thursday reported 16% growth in 2009 net profit.
The lender also said it planned to raise up to 25 billion yuan ($3.66 billion U.S.) by issuing bonds that are convertible into its Shanghai-listed Class A shares, with its board also approving an equity-issuance for up to 20% of its outstanding shares in Hong Kong.
Bank of China rose 1% in Hong Kong and 1.7% in Shanghai, while ICBC itself added 0.7% in Hong Kong and 0.6% in Shanghai.
Shares of PetroChina declined 0.8% in Hong Kong after the energy major Thursday said its full-year 2009 net profit fell 9.7% to 103.39 billion yuan. The shares were also weighed by news that the company has agreed to contribute 9.62 billion yuan to its parent's finance unit, raising its stake in the unit to 49% from 7.5%.
Elsewhere;
Korea’s Kospi index picked up 9.33 points, or 0.6%, to 1,697.72
Singapore’s Straits Times Index moved up 17.91 points, or 0.6%, to 2,906.28
Taiwan’s Taiex Index advanced 38.76 points, or 0.5%, to 7,876.86
New Zealand’s NZX Index progressed 2.93 points, or 0.1%, to 3,240.48
Australia’s S&P/ASX 200 improved 11.80 points, or 0.2%, to 4,896.90
