Asian stocks rose on Friday, after the regional benchmark index closed on Thursday at its lowest in a month, as investors awaited US labor data.
Nintendo Co jumped 7.2 percent in Tokyo after president Satoru Iwata said the company’s move into mobile gaming would help double profit this fiscal year. China Taiping Insurance Holdings Co soared 9.5 percent in Hong Kong after people with knowledge of the matter said China’s two richest technology moguls took part in its US$1.7 billion share sale. Macquarie Group Ltd. added 3.5 percent in Sydney after reporting annual profit rose to a seven-year high.
The MSCI Asia Pacific Index gained 0.5 percent to 151.04 as of 5:29pm in Tokyo after ending yesterday at its lowest since April 7. The measure is poised for a 1.2 percent slide this week, its second straight weekly decline.
“Now we look forward to the US jobs data,” said Andrew Clarke, director of trading at Hong Kong brokerage Mirabaud Asia Ltd. “Also I’d say there’s short covering maybe in Hong Kong and China, plus a little bit of a rally as those markets dropped quite quickly over the past three days.”
The TAIEX closed at 9,692.00, down from 9,820.05 on April 30.
Taiwan Semiconductor Manufacturing Co (台積電) closed 0.68 percent lower at NT$146.5, while Fubon Financial Holding (富邦金控) fell 2.87 percent to NT$64.4.
China’s Shanghai Composite Index rose 2.3 percent, paring the biggest weekly slide in five years.
Shares advanced after weak trade data last month spurred bets on further stimulus. The Hang Seng China Enterprises Index of mainland stocks listed in Hong Kong climbed 2 percent.
Japan’s TOPIX added 0.8 percent. Australia’s S&P/ASX 200 Index lost 0.2 percent, while South Korea’s KOSPI lost 0.3 percent.
Energy shares led losses on the MSCI Asia Pacific Index Friday as oil in New York headed for its first weekly decline since March after US producers signaled they would increase drilling.
In other markets on Friday:
Mumbai fell 0.44 percent, or 118.26 points, to end at 26,599.11.
In Manila, shares closed 0.73 percent, or 57.37 points, lower at 7,816.27.
In Wellington, the benchmark NZX 50 index fell 35.92 points or 0.62 percent to 5,729.35.
Additional reporting by AFP, with staff writer
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