Asian stocks took their cue from a record close on Wall Street, finishing sharply higher on Friday with many striking all-time or multi-year highs on growing confidence in the global economy.
Dealers said New York was driven by optimism over US corporate earnings and after the US Federal Reserve's Beige Book survey provided some reassurance the US economy is holding up relatively well even as the key housing market stalls.
That was enough to allow a strong finish to an historic week which saw North Korea announce an atomic test on Monday and then threaten war and more to come if sanctions were imposed against it.
PHOTO: AFP
Security jitters were to the fore too after a small plane crashed into a Manhattan apartment block on Wednesday, recalling the Sept. 11, 2001 horrors, but on news it was an accident, investors returned their focus to market fundamentals.
As a result the Dow Jones jumped 0.81 percent to a record close, setting up Asia for a strong day -- Singapore, Mumbai and Jakarta hit all-time highs, while Hong Kong, Sydney and Wellington were all within sight of historic records.
Tokyo closed 1.02 percent higher, Taipei gained 1.21 percent and Seoul was up 1.26 percent, having recouped nearly all the losses suffered in the aftermath of Pyongyang's nuclear tests.
Local factors also contributed to the positive tone.
Improved metal prices pushed Sydney up 0.58 percent, better than expected export figures was behind a 0.90 percent spike in Manila and strong profits by electricity group Tenaga had lifted Kuala Lumpur 0.81 percent.
Reports of a strong response to Industrial and Commercial Bank of China's public offering, potentially the world's largest ever, helped Hong Kong to close 0.65 percent up with the index near the key 18,000-point level.
TAIPEI
Share prices closed 1.21 percent higher on Friday as Wall Street chalked up another record finish overnight as investors banked on a soft landing for the US economy.
The weighted index rose 84.22 points at 7,068.80 on turnover of NT$101.84 billion (US$3.07 billion).
TOKYO
Share prices hit fresh five-month highs as investors cheered a record-breaking performance on Wall Street overnight and bet on strong domestic corporate earnings.
Dealers said the Tokyo market resumed its upswing after two days of profit-taking as investors set aside jitters over North Korea's announcement of its first nuclear test on Monday.
The NIKKEI-225 index rallied 167.73 points to 16,536.54, the best finish since May 12. Volume rose to 1.84 billion shares from 1.67 billion on Thursday.
"Investors cheered the US market's solid performance," said Mitsushige Akino, the chief fund manager at Ichiyoshi Investment Management.
SEOUL
Share prices closed 1.26 percent higher, with sentiment lifted by a record for the Dow Jones Industrial Average and strong Asian markets.
Dealers said the market remained in positive territory as foreign investors' position in futures triggered heavy program buying.
The KOSPI index closed up 16.82 points at 1,348.60.
HONG KONG
Share prices closed 0.65 percent higher, but slipped back after topping the key 18,000 points level on Wall Street's record overnight performance.
Dealers said China financial stocks continued in the limelight on reports of very strong institutional investor demand for Industrial and Commercial Bank of China's huge initial public offering (IPO).
The benchmark broke the key 18,000 points level in early trade but then slipped back on mild profit-taking in the afternoon.
The Hang Seng Index was up 115.77 points at 17,988.86. For the week, the index was up 85.47 points or 0.48 percent.
"The market took its lead from the US after the Dow hit another record high," said Kenny Tang, an associate director at Tung Tai Securities.
SHANGHAI
Share prices closed 0.35 percent higher, with investors looking to solid third quarter company results for their next lead while banks were back in favour.
Dealers said the market traded in a narrow range on the week after sharp gains on Monday when investors ignored news of North Korea's nuclear test, with support continuing strong in anticipation of good corporate results.
Reports of massive interest in the huge Initial Public Offering (IPO) from China's largest lender, the Industrial and Commercial Bank of China (ICBC,
The Shanghai A-share Index rose 6.54 points to 1,874.97 and the Shenzhen A-share Index was up 1.81 points or 0.39 percent at 463.92. The Shanghai Composite Index, which covers A and B-shares, closed up 6.48 points or 0.36 percent at 1,784.66.
SYDNEY
Share prices closed up 0.58 percent as strong buying of bank and mining stocks and an overnight rise on Wall Street took the market nearer to May's record highs.
Dealers said that level is well within reach and the market has room for even more gains over the rest of the year, with the only concern being if the central bank were to hike interest rates again to keep inflation in check.
The SP/ASX 200 added 30.6 points at 5,290.0, putting the May 12 record finish of 5,364.5 in sight.
SINGAPORE
Share prices closed at a new all-time high on Friday following Wall Street's lead and sharp gains around the region on brighter economic prospects. The Straits Times Index (STI) closed 26.04 points or 0.99 percent higher at 2,666.68, a shade above the previous record of 2,666.33 reached on May 3.
KUALA LUMPUR
Share prices closed 0.81 percent higher, with gains across the board on hopes of further strong corporate earnings figures next week.
The composite index gained 7.92 points to 983.54.
BANGKOK
Share prices closed 0.34 percent higher as investors took heart from another record close on Wall Street.
The composite index rose 2.38 points to 712.05.
MANILA
Share prices closed 0.90 percent higher on the back of robust export figures and the passage of the national budget for next year.
The composite index gained 22.85 points to 2,557.25.
MUMBAI
Share prices surged 1.58 percent to close at a record high of 12,736.42 on expectations of strong corporate earnings and sustained economic growth in Asia's fourth-largest economy.
Also see story:
TAIEX mired in rangebound trading
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique