Asian stocks climbed on Friday, with materials shares leading gains after equity indices in the US and Europe posted multi-year highs on developments in Ukraine and Greece.
Rio Tinto PLC, the world’s second-biggest miner, soared 6.5 percent in Sydney after announcing a US$2 billion share buyback and full-year profit that beat estimates. Galaxy Entertainment Group Ltd advanced 4 percent, with the casino operator leading gains in Hong Kong. Citizen Holdings Co tumbled the most since March 2011 in Tokyo after the maker of timepieces kept its operating profit forecast below estimates.
The MSCI Asia-Pacific Index gained 1 percent to 142.72 as of 4:02pm in Hong Kong, heading for its highest close since Sept. 25 last year and a 1.1 percent weekly gain. Nine of the gauge’s 10 industry groups advanced on Friday.
“Sentiment was boosted by news of IMF funding for the Ukraine, and conciliatory statements from Greek and German policymakers,” CMC Markets Sydney-based strategist Michael McCarthy said. “A smooth passage for the refinancing of Greek debt that matures at the end of the month would remove a key global market risk. Grexit negotiations are set to dominate market moves next week.”
Taiwan’s TAIEX advanced 0.4 percent. Smartphone maker HTC Corp (宏達電) rose 0.68 percent to NT$148.5 (US$4.74), while Hon Hai Precision Industry Co (鴻海精密) fell 0.46 percent to NT$85.8.
Japan’s TOPIX closed little changed after the yen rose 1.1 percent on Thursday, as Bank of Japan policymakers were said to view further easing as counterproductive. Bank officials are concerned extra stimulus could trigger declines in the yen that damage confidence, people familiar with the talks said. The Nikkei 225 Stock Average slipped 0.4 percent.
Hong Kong’s Hang Seng added 1.1 percent and the Shanghai Composite Index surged 1 percent. Australia’s S&P/ASX 200 Index jumped 2.3 percent to its highest since May 2008. South Korea’s KOSPI index added 0.8 percent, and New Zealand’s NZX 50 Index rose 0.7 percent.
In other markets on Friday, Manila closed 0.76 percent, or 58.86 points, higher at 7,773.45.
Mumbai gained 1.01 percent, or 289.83 points, to end at 29,094.93.
Wellington advanced 0.65 percent, or 37.23 points, to 5,786.54.
Additional reporting by AFP
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