Hong Kong led Asian markets higher in a generally positive session Friday, with investors weighing up a round of upbeat earnings results and what appears to be a growing receptiveness in Beijing towards currency reform.
In Tokyo, the Nikkei 225 gained 36.14 points, or 0.3%, to 11,204.34
Hong Kong markets zoomed up 341.46 points, or 1.6%, to 22,805.50.
Australian coal stocks surged on takeover activity in the industry while South Korean shares lost ground as the local currency strengthened.
In Australia, resources stocks were higher after New Hope unveiled a share-based takeover offer for Macarthur Coal , which it says values the miner at A$3.71 billion, trumping a bid by Peabody Energy. Macarthur rejected the offer, then after market trading ended in Sydney Swiss miner Xstrata made a preliminary approach to one of its major shareholders.
The news was a positive for the energy sector and coal stocks. Macarthur Coal jumped 8.3% while Gloucester Coal was up 3.8% and Centennial Coal gained 2%. New Hope ended 0.2% lower.
The Korean stock market was weighed by the strong won, which could hurt exporters' earnings. Samsung Electronics was down 0.8% and LG Display shed 2.4%.
Woori Finance closed 4.1% higher after Korea Deposit Insurance Corp. said it successfully sold a 9% stake in Woori Finance at 16,000 South Korean won ($14.24 U.S.) per share, the same level as Thursday's closing price, and at the top of the indicative price range.
In Japan, retail shares were higher on solid earnings reports and forecasts. Fast Retailing closed 3.1% higher after Thursday reporting net profit for its fiscal first half rose 56% on its rapid expansion abroad and said it is considering an international listing.
Fellow retailer Seven & i Holdings closed up 6.1% despite saying Thursday that net profit for the business year ended Feb. 28 declined 51%, as it expected to register its first gain in net profit in four years this fiscal year.
In Hong Kong, shares of Chinese airlines were in focus ahead of annual results announcements next week, with China Southern Airlines up 1.6% and Air China adding 3.1%. Telecom-equipment maker ZTE Corp.climbed 3.7% after announcing its 2009 net income rose 48% from a year earlier.
In foreign exchange markets, the euro was at $1.3409 U.S., compared with $1.3349 U.S. in late New York trade Thursday, and at 125.61 yen, compared with 124.63 yen.
CHINA
Shanghai’s CSI 300 Index regained 32.43 points, or 1%, to 3,379.17
A meeting Thursday between U.S. Treasury Secretary Timothy Geithner and Chinese Vice Premier Wang Qishan in Beijing produced no specific moves. But it adds to hopes in the U.S. and elsewhere that Beijing may be closer to letting the yuan appreciate.
The Chinese currency's peg to the U.S. dollar has kept it lower than the currencies of other Asian exporting nations, putting them at a disadvantage by making their goods more expensive elsewhere than Chinese goods.
One expert added that economic data due out from China on Wednesday, including first-quarter GDP growth and inflation figures for March, "may fuel the view China will resume yuan appreciation soon."
Elsewhere;
Korea’s Kospi index scaled back 9.31 points, or 0.5%, to 1,724.47
Singapore’s Straits Times Index gained back 8.78 points, or 0.3%, to 2,971.97
Taiwan’s Taiex index tacked on 34.43 points or 0.4% to 8,092.03
New Zealand’s NZX 50 Index gained 2.48 points to 3,310.25
Australia’s S&P/ASX 200 picked up 10.20 points, or 0.2%, to 4,948.10
