Asian stock markets closed mostly firmer on Friday as the underlying confidence in the region's prospects for later this year offset a poor showing on Wall Street overnight, dealers said.
They said it was notable that Tokyo bounced back after losses earlier in the week on news the economy was in recession for most of last year, with investors taking the view that the country would get back on track soon.
Similarly, the record breaking Sydney market was virtually unchanged even after its central bank governor warned once again of the likely need for an early interest rate hike to head off inflation.
He also highlighted the continued strong underlying performance of the economy, largely due to unceasing and growing demand from China, which is now firmly established as the region's lode star for the future.
The firmer tone was seen too in Seoul, despite heavy losses in US tech shares overnight, and in Hong Kong, while Jakarta continued to defy gravity and chart yet another record finish.
Taiwanese share prices closed 0.71 percent higher on the back of a technical rebound led by United Microelectronics Corp (UMC,
The market reacted favorably to UMC chairman Robert Tsao's (
UMC, the world's second-largest custom chip maker, had been badly hit by the allegations and subsequent government probe into the matter.
The TAIEX closed up 43.27 points at 6,115.43, off a low of 6,062.96 and a high of 6,128.64, on turnover of NT$86.40 billion.
Risers led decliners 480 to 315, with 191 stocks unchanged.
UMC closed NT$0.50 higher at NT$20.40, supported by bargain-hunting after recent heavy losses due to the government probe. Taiwan Semiconductor Manufacturing Co (台積電) was up NT$0.50 at NT$54.00.
Japanese share prices closed 0.67 percent higher on bargain-hunting after recent losses on hopes the economy will pick up despite weak growth data released this week, dealers said.
The Tokyo Stock Exchange's benchmark NIKKEI-225 index gained 77.40 points to 11,660.12. The broader TOPIX index of all First Section shares rose 4.64 points or 0.40 percent to 1,166.57.
Advancers led decliners 768 to 680, with 156 stocks unchanged.
South Korean share prices closed 1.19 percent higher at a new high for the year as Samsung Electronics rebounded on foreign investor interest, pushing the index well above 980 points, dealers said.
The KOSPI index closed up 11.54 points at 984.10. This was the best close since Sept 15, 2000 when it hit 992.50.
Hong Kong share prices closed 0.86 percent higher as institutional investors, mainly hedge funds, bought blue chips in what appears to be an attempt to push the market ahead, dealers said.
The Hang Seng Index closed up 120.05 points at 14,087.87, off a high of 14,093.43 and a low of 13,898.92. The Hang Seng China Enterprises Index was up 14.83 points or 0.30 percent at 4,923.54.
The property sub-index closed up 238.53 points or 1.40 percent at 17,324.73.
Chinese share prices closed 1.36 percent lower as investors consolidated recent gains, with steel and real estate stocks under pressure, dealers said.
The Shanghai A-share Index fell 18.16 points to 1,321.87 and the Shenzhen A-share Index was down 3.80 points or 1.16 percent at 322.54.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed down 17.17 points or 1.35 percent at 1,258.97.
Australian share prices closed flat as Reserve Bank Governor Ian Macfarlane warned that interest rates were set to rise for the first time in more than a year, dealers said.
The benchmark SP/ASX 200 closed down 3.4 points or 0.08 percent at 4,163.5, while the broader All Ordinaries Index lost 3.3 points at 4,151.7.
Singapore share prices closed 0.22 percent higher as the market generally ignored Prime Minister Lee Hsien Loong's speech on the national budget, dealers said.
Lee, who is also finance minister, announced tax cuts and other financial breaks worth S$1.3 billion (US$792 million US) during his budget presentation to parliament.
The Straits Times Index rose 4.66 points to 2,168.86.
Malaysian share prices closed 0.53 percent lower led by losses in blue chips, dealers said. The Kuala Lumpur Composite Index was down 4.87 points at 907.75.
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