Asian stocks followed US equities higher, with the regional benchmark index extending its weekly advance, as materials and energy shares gained amid higher oil prices.
The TAIEX closed at 9,456.18 on Friday, up from 9,361.91 on Friday last week. Taiwan Semiconductor Manufacturing Co (台積電) eased 1.72 percent on Friday to NT$143, while smartphone maker HTC Corp (宏達電) rose 0.96 percent to NT$158.5.
Golden Agri-Resources Ltd jumped 5.9 percent in Singapore, as palm-oil producers climbed after Indonesia increased a subsidy for biofuel. JX Holdings Inc climbed 4 percent in Tokyo, pacing gains among energy producers, while steelmaker JFE Holdings Inc added 3.3 percent. Celltrion Inc surged 11 percent in Seoul on speculation Pfizer Inc’s purchase of Hospira Inc will boost the value of the South Korean drugmaker’s so-called biosimilar medicines.
The MSCI Asia-Pacific Index rose 0.3 percent to 142.10 as of 4:11pm in Hong Kong, heading for a 1.2 percent increase this week after the Reserve Bank of Australia cut interest rates to a record low and China reduced banks’ reserve ratios.
The European Central Bank plans to allow its Greek counterpart to provide as much as 59.5 billion euros (US$67.3 billion) in emergency funding for lenders, a eurozone central bank official familiar with the decision said.
Australia’s S&P/ASX 200 Index rose 0.2 percent in Sydney, the 12th day of gains. That marks the longest rally since the index was created, as investors speculate the central bank will cut interest rates again.
Japan’s TOPIX added 0.5 percent as investors weighed quarterly earnings. South Korea’s KOSPI gained 0.1 percent. Singapore’s Straits Times Index advanced 0.8 percent, while the Jakarta Composite Index climbed 1 percent. Hong Kong’s Hang Seng Index slipped 0.4 percent.
The Shanghai Composite Index dropped 1.9 percent, dragging the benchmark index to its longest weekly losing streak since May last year, on concern an economic slowdown is deepening and new share sales would draw capital from existing shares.
In other markets on Friday:
Mumbai declined 0.46 percent, or 133.06 points, to end at 28,717.91 points.
Manila closed 0.70 percent, or 53.94 points, higher to 7,728.18.
Wellington was closed for a public holiday.
Additional reporting by AFP
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