Asian stocks on Friday headed for the biggest weekly gain since April, led by Chinese shares amid speculation banks will support the market and as the increased likelihood of an end to Greece’s debt crisis bolstered global equities.
The Shanghai Composite Index advanced 3.5 percent. China Securities Finance Corp (CSF), a state-backed agency that provides margin finance and liquidity to the stock market, has as much as 3 trillion yuan (US$483 billion) on tap to support shares, people familiar with matter said on Friday.
The TAIEX ended marginally higher, adding 3.77 points to 9,045.98.
Taiwan Semiconductor Manufacturing Co (台積電) climbed 2.6 percent to NT$140 after profit topped estimates, leading technology firms to the biggest advance on the regional gauge. Hon Hai Precision Industry (鴻海) was 0.94 percent lower at NT$95.1.
The MSCI Asia Pacific Index gained 0.3 percent to 144.73 as of 4:01pm in Hong Kong, heading for a 2.6 percent advance this week. CSF funding would add to already announced unprecedented measures from Chinese authorities to stem a rout that wiped more than US$3 trillion from mainland market equities.
Hong Kong’s Hang Seng Index climbed 1 percent and the Hang Seng China Enterprises Index rose 0.9 percent.
South Korea’s KOSPI slid 0.5 percent. Samsung Heavy Industries Co fell 12 percent, leading a drop in shares of South Korean shipbuilders on a report the company may post an operating loss as large as 1 trillion won (US$873 million).
Samsung Group prevailed in one of the most contested proxy fights South Korea has seen, defeating billionaire investor activist Paul Elliott Singer and underscoring the resilience of the nation’s corporate dynasties.
Japan’s TOPIX rose 0.1 percent. Australia’s S&P/ASX 200 Index and Singapore’s Straits Times Index were little changed. New Zealand’s NZX 50 Index gained 0.5 percent and India’s S&P BSE Sensex advanced 0.1 percent.
In other markets on Friday:
Mumbai ended flat, rising 17.19 points, to 28,463.31. Bharat Heavy Electricals gained 2.02 percent to 285.40 rupees, while HDFC Bank slumped 2.46 percent to 1327.10 rupees.
Wellington rose 0.51 percent, or 29.62 points, to 5,853.77. Air New Zealand was up 1.34 percent at NZ$2.655 and Contact Energy added 0.97 percent to NZ$5.20.
Manila was closed for a public holiday.
Additional reporting by AFP
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