Asian stocks closed mostly higher on Friday, extending gains in line with Wall Street's strong performance despite continued high oil prices and mixed US economic data, dealers said.
Gains for tech stocks on the NASDAQ were cited as a major factor, especially in Tokyo, Seoul and Taipei, given the recent uncertainty over the outlook for the sector.
Dealers said relatively calm forex markets had helped sentiment after the alarm earlier in the week when it looked as if South Korea was about to start selling down its massive dollar holdings, sparking near panic that the region as a whole might follow suit and dump the US currency.
On the day, Taipei led the way gaining 1.30 percent as the market welcomed President Chen Shui-bian's (陳水扁) more conciliatory stance on relations with China.
Taiwanese share prices closed 1.30 percent higher, supported by continued gains on Wall Street and Chen's more conciliatory stance on relations with China, dealers said.
At a meeting on Thursday with People First Party Chairman James Soong (
The TAIEX closed up 79.49 points at 6,207.83, after trading between 6,192.38 and 6,233.53, on turnover of NT$120.95 billion (US$3.89 billion). Risers led decliners 558 to 243, with 184 stocks unchanged.
"Today's solid showing on positive developments both at home and abroad was accompanied by an expansion in market turnover," said Lee Chien-wei, a fund manager at First Taisec Securities (一銀證券).
Japanese share prices closed 1.10 percent higher, supported by another solid performance on Wall Street and as a steady US dollar eased concerns on the outlook for exports, dealers said.
The Tokyo Stock Exchange's benchmark NIKKEI-225 index gained 127.10 points to 11,658.25. The broader TOPIX index of all First Section shares rose 9.79 points, or 0.85 percent, to 1,167.33.
"The outlook for hi-tech firms has turned more optimistic, with a weaker yen also supporting the NIKKEI," said Akio Yoshino, general manager at Societe Generale Asset Management
South Korean share prices closed 1.0 percent higher with investors encouraged by upbeat economic data, President Roh Moo-Hyun's confidence for economic recovery and Wall Street's overnight rally, dealers said.
The KOSPI index closed up 9.85 points at 996.95 after hitting the key 1,000-point mark in early trade.
Hong Kong share prices closed 0.68 percent higher on futures-related trading activity ahead of the settlement of February contracts later in the day, dealers said. The key Hang Seng Index closed up 96.18 points at 14,157.09, off a low of 14,103.12 and high of 14,207.53.
The Hang Seng China Enterprises breached the 5,000 points resistance level, as it rose 90.42 points or 1.83 percent to 5,024.92 on expectations of strong 2004 results from Hong Kong-listed Chinese companies.
Chinese share prices closed 0.17 percent higher, holding on to recent gains as investors picked up energy stocks on higher crude oil prices, while petrochemical producers were in demand on hopes of improved profits, dealers said.
The Shanghai A-share Index added 2.34 points to 1,377.60, while the Shenzhen A-share Index was up 0.48 points or 0.14 percent at 339.98.
The benchmark Shanghai Composite Index, which covers both A- and B-shares, rose 2.50 points or 0.19 percent at 1,312.45.
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