Asian stocks completed their first two-week advance of the year, led by financial companies, on speculation securities sales by banks will provide adequate capital to withstand further credit-market losses.
Mitsubishi UFJ Financial Group Inc led gains among banks after Lehman Brothers Holdings Inc and UBS AG said they’re raising US$19 billion. Elpida Memory Inc, Japan’s largest computer memory-chip maker, led technology stocks higher after announcing price increases.
The MSCI Asia Pacific Index rose 2.5 percent to 145.23, the first two-week advance since the period ended Dec. 7. The measure dropped 12 percent in the first quarter, the worst performance since the period ended September 2002. Japan’s Nikkei 225 Stock Average gained 3.7 percent this week.
The MSCI Asia Pacific Financials Index rose 5.5 percent this week, the most since the period ended Nov. 30.
Stock markets in Taiwan, Hong Kong and Shanghai were closed on Friday for the Tomb Sweeping Festival.
TOKYO
Japanese shares slipped from a one-month high as investors took profits after the market’s three-day rally, turning cautious ahead of key US jobs data.
The Nikkei-225 index fell 96.68 points to 13,293.22.
“The local market took a pause as investors made adjustments after days of sharp gains,” said Yoshinori Nagano, chief strategist at Daiwa Asset Management.
SYDNEY
Australian share prices closed up 0.2 percent as resource stocks performed strongly.
The S&P/ASX 200 index closed up 10.7 points at 5,619.6.
Dealers said despite profit-taking on bank stocks, the market posted a full week of gains as worries over financial markets eased despite the fallout from the collapse of Australian stockbroking firm Opes Prime Group.
SEOUL
South Korean share prices closed 0.2 percent higher amid gradually reviving confidence in the global credit market and hopes for upbeat first-quarter earnings.
The KOSPI index ended up 2.86 points at 1,766.49.
Friday’s gains were limited because some investors were tempted to take profit after the index had surged about 10 percent in just two weeks.
Caution was also in the air before South Korea’s general election on Wednesday and the release later Friday of the latest employment report in the US.
SINGAPORE
Singapore share prices closed 0.5 percent lower as investors cashed in gains after three straight positive sessions.
Dealers said there was some caution ahead of the release of jobs data in the US later on Friday.
The Straits Times Index closed down 15.99 points at 3,155.56.
Analysts said the index looks well supported as markets appeared to show signs of recovering from a first-quarter slump.
KUALA LUMPUR
Malaysian share prices closed 0.3 percent lower due to a lackluster performance on Wall Street overnight which pushed investors to the sidelines. The composite index closed down 3.6 points at 1,221.98 on volume of 475.78 million shares worth 885.84 million ringgit (US$277 million).
BANGKOK
Thai share prices closed 0.23 percent lower in light trading, as many investors stayed on the sidelines, waiting for the release of US jobs data later in the day.
Dealers said worries over a slowdown of the US economy continued and that the market was quiet because investors were away for long holidays this weekend and also for the ancestor worship period of Chinese tradition.
The composite index fell 1.88 points to 824.80.
JAKARTA
Indonesian shares closed 1.7 percent higher on bargain-hunting after four days of sell-offs.
Dealers said investors started accumulating stocks again on hopes that most share prices have already discounted inflation risks.
The composite index closed up 39.11 points at 2,277.09.
“Some fresh liquidity has come back into the market as many stocks looked so cheap,” said Rafid Prima, an analyst at Mandiri Securities.
MANILA
Philippine share prices closed 1.7 percent lower after the government announced that inflation hit a 20-month high last month, rising much higher than expected.
Dealers said the announcement set off speculation of a hike in interest rates, which damped down investors sentiment.
The composite index fell 51.77 points to 2,983.04 points.
WELLINGTON
New Zealand share prices closed little changed, consolidating after five sessions of strong gains.
The NZX-50 gross index rose 1.26 points to 3,631.2.
MUMBAI
Indian share prices fell 3.09 percent, dragged down by data showing inflation hit a three-year high of 7 percent and raising fears of further tightening in monetary policy.
The Mumbai SENSEX fell 489.43 points to 15,343.12.
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