Asian stocks headed for their biggest gain since October amid a global rally this week, with Japan’s TOPIX surging due to a weaker yen and Chinese shares hitting a four-year high.
Aluminum Corp of China Ltd (中國鋁業) surged 6.5 percent in Hong Kong after its chairman resigned and the company said it was planning on selling silicon units.
Meanwhile, BYD Co (比亞迪) rebounded from a record slump on Thursday to advance 14 percent after saying that Warren Buffett’s Berkshire Hathaway Inc had no plans to reduce its stake in the electric car maker.
The MSCI Asia Pacific Index climbed 1.8 percent to 137.07 as of 5:04pm in Hong Kong on Friday, heading for its biggest rally since Oct. 20 and a weekly loss of less than 0.1 percent.
In Taipei, the TAIEX rose 1.36 percent, or 120.89 points, to finish the week on 8,999.52, compared with 9,027.33 on Dec. 13.
Taiwan Semiconductor Manufacturing Co (台積電) gained 4.94 percent to NT$138, while smartphone maker HTC Corp (宏達電) fell 1.49 percent to NT$132.
According to the Taiwan Stock Exchange, foreign institutional investors bought a net NT$8.31 billion (US$264 million) in local shares to send the weighted index 1.36 percent higher at the close on Friday.
In Tokyo, the TOPIX added 2.4 percent after the yen fell as much as 0.5 percent against the US dollar. Bank of Japan Governor Haruhiko Kuroda kept policy unchanged on Friday.
“Investors are buying back shares to square their positions as they start their holidays,” said Hitoshi Asaoka, a senior strategist at Mizuho Trust & Banking Co.
Elsewhere on Friday, Australia’s S&P/ASX 200 Index jumped 2.5 percent for its biggest gain since July last year, while New Zealand’s NZX 50 Index rose 0.2 percent, South Korea’s KOSPI climbed 1.7 percent and Singapore’s Straits Times Index advanced 1.2 percent.
In China, the Shanghai Composite Index advanced 1.7 percent, closing at its highest since November 2010, while Hong Kong’s Hang Seng Index gained 1.3 percent and the Hang Seng China Enterprises Index added 0.6 percent.
In other markets on Friday:
Wellington rose 0.17 percent, or 9.27 points, from Thursday to end on 5,527.75.
Manila climbed 1.45 percent, or 101.72 points, to 7,131.
Mumbai advanced 0.90 percent, or 245.27 points, to 27,371.84.
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