Asian stocks climbed on Friday after a late rally in US shares on Thursday as investors weighed the prospects for additional stimulus against the spike in US virus cases.
Shares rose in Japan and South Korea on below-average volumes. Australia also saw gains, while Hong Kong reopened to modest declines following a holiday. China was closed.
Investors also grappled with a mixed batch of economic data, with initial US jobless claims topping estimates at almost 1.5 million.
Hong Kong shares ended lower on Friday, after US lawmakers moved closer to sanctioning people and companies they consider China’s accomplices in curbing the territory’s autonomy, while new COVID-19 outbreaks globally also soured the sentiment.
The MSCI Asia-Pacific Index on Friday rose 0.3 percent to 159.12, down 0.1 percent for the week.
The TAIEX on Wednesday rose 0.4 percent to close at 11,660.67, up 1 percent from Friday last week. The local markets were closed on Thursday and Friday for the Dragon Boat Festival holiday.
The Hang Seng Index on Friday closed down 0.9 percent at 24,549.99. The Hang Seng China Enterprises Index fell 0.8 percent.
The Hang Seng posted a 0.4 percent weekly fall as comments by US President Donald Trump that the trade deal with China remains “fully intact” helped offset earlier losses during the week.
The Hang Seng’s sub-index tracking energy shares fell 1.4 percent, the IT index dipped 1.6 percent, financials ended 0.9 percent lower and the property sector lost 1 percent.
Financial markets in mainland China were shut for the festival, while Hong Kong markets were closed for it on Thursday.
On Friday, Japan’s TOPIX advanced 1 percent to pare its weekly losses to 0.3 percent.
Australia’s S&P/ASX 200 Index gained 1.5 percent, down 0.6 percent for the week.
South Korea’s KOSPI on Friday rose 1 percent, paring its weekly losses to 0.3 percent.
India’s SENSEX on Friday added 1 percent, rising 1.3 percent for the week. The NIFTY 50 on Friday rose by the same daily amount, up 1.4 percent weekly.
The Kuala Lumpur Composite Index on Friday slipped 0.07 percent, down 1.3 percent for the week.
Additional reporting by staff writer
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