Stocks in Shanghai closed higher Friday, before an announcement from China’s central bank that it will raise the required reserve ratio for its commercial banks by 0.5%.
China’s move marked the third such hike since September.
Shanghai’s CSI 300 Index added 30.88 points, or 1%, to 3,178.85, before the announcement from the People’s Bank of China.
Other markets in Asia generally got support from Wall Street’s rise Thursday amid signs that debt-stricken Ireland will soon accept some form of a rescue package from the European Union and the International Monetary Fund.
Tokyo’s Nikkei 225 Index edged ahead 8.76 points to close the week at 10,022.40, as the yen’s recent weakness against the euro helped Japanese exporters extend gains.
Mazda Motor Corp. added 1.7%, and Toyota Motor Corp.gained 1.6%.
Hong Kong’s Hang Seng Index let go of 31.68 points, or 0.1%, to 23,605.70, after a roller-coaster ride in afternoon trading, with gains in some Chinese shares offset by sharp losses in local developers as investors braced for more measures to cool the real-estate market.
Shares of Sun Hung Kai Properties fell 1%, Cheung Kong Holdings gave up 2.6% and Sino Land lost 1.5%.
In Sydney, Telstra Corp. Ltd. shares rose 2.3%, supported by Chief Executive David Thodey’s comments that the shares were materially undervalued.
Shares of Karoon Gas Australia rose 1.3% after the firm canceled its Brazilian initial public offering due to recent fund raisings by oil and gas companies there that haven’t performed to expectations.
Those gains were offset by banks, with Commonwealth Bank of Australia dropping 1.4% and National Australia Bank sliding 1.2%
In South Korea, technology stocks supported the market, with Samsung Electronics rising 2.4% and Hynix Semiconductor advancing 0.8%.
In foreign-exchange markets, the euro was supported by expectations that a rescue plan for Ireland was imminent.
The single currency was fetching $1.3695 from $1.3631 U.S. late Thursday in New York, and 114.02 yen from ¥113.82. The dollar was buying ¥83.25 from ¥83.51 yen.
In other markets
Singapore’s Straits Times Index sidled back 17.85 points, or 0.6%, to 3,197.37
Korea’s Kospi Index picked up 13.10 points, or 0.7%, to 1,940.06
Taiwan’s Taiex Index gathered 22.67 points, or 0.3%, to 8,306.12
New Zealand’s NZX 50 Index dipped 12.31 points, or 0.4%, to 3,268.15
Australia’s S&P/ASX 200 Index backtracked 11 points, or 0.2%, to 4,629.20
