Asian stocks closed higher on Friday with investors continuing to track Wall Street, where fears over potential interest rate hikes are receding.
Positive sentiment in New York had already improved after reports earlier in the weak implied inflation was being kept in check and this argument received additional support overnight from US inflation data at the wholesale level.
This showed "core" prices excluding food and energy rose a tame 0.2 percent and Wall Street's latest rally continued, which pushed Tokyo up 0.32 percent, while Taipei surged 1.45 percent and Sydney was 0.52 percent higher.
Manila leapt 1.18 percent, Hong Kong rose 0.72 percent, Jakarta gained 0.58 percent, Singapore advanced a slight 0.22 percent, while Seoul was up a milder 0.17 percent. All five benchmarks closed at record highs.
Elsewhere, Bangkok gained 1.27 percent, Kuala Lumpur was 0.26 percent higher and Wellington rose 0.45 percent. Shanghai was up 0.43 percent, but investors there were jittery amid talk of further potential moves to cool the markets.
TAIPEI
Share prices closed up 1.45 percent, striking another near-seven-year high as US economic data alleviated concerns over possible interest rate hikes.
Dealers said insurance companies led the market higher on expectations of an improvement in earnings after a statutory revision, which should allow them greater exposure to overseas investments.
The weighted index closed up 122.92 points at 8,573.64 on turnover of NT$151.73 billion (US$4.58 billion).
"Expectations that the recent liquidity-driven bull run still [has further to go] overrode whatever uncertainties people may harbor ahead of a long holiday," Jih Sun Securities Investment Consulting Co (
Lien said that solid purchases across the board in heavily weighted stocks also proved effective in forcing short-covering among those who might have adopted a more bearish stance in their June future contracts, which are due to be settled next week.
"The tricky thing is that those who have decided on an investment based on assumptions of a negative surprise during Taipei's recess will be caught off guard once again if Wall Street and others just keep moving up," Lien said.
TOKYO
Share prices rebounded for a second straight day after a Wall Street extended its recovery and the yen slid to fresh lows against the dollar in a boost to exporters.
But dealers said the market was somewhat cautious ahead of a press conference by the head of the Japanese central bank, which earlier in the day left its key interest rate unchanged, as widely expected.
The NIKKEI-225 index rose 129.20 points to 17,971.49. Turnover rose to 1.97 billion shares from 1.85 billion on Thursday.
HONG KONG
Share prices hit a record close as China stocks received a big boost from a continued shift of funds from the mainland by some investors.
Dealers said sentiment was also supported by Wall Street's extended gains overnight after the release of tame US core wholesale inflation data.
They attributed a significant portion of it to China's expanded qualified domestic institutional investor (QDII) program which allows mainland investors to buy H-shares in Hong Kong.
The Hang Seng Index closed up 149.79 points at 21,017.05.
SEOUL
Share prices rose 0.17 percent to another record finish, with sentiment boosted by Wall Street's rally and the release of frozen North Korean funds from a Macau bank.
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