Asian equities had a robust day of trade Friday, to close a strong week, signaling the worst may be over for now, as investors try to put behind the Japan earthquake-and-nuclear crisis behind them.
At close, Japan's Nikkei, Hong Kong's Hang Seng and mainland China's Shanghai Composite edged up 1.1% each. India's Sensex climbed 2.5%. Australia's ASX gained 1%.
Stocks rose early, tracking gains on Wall Street overnight, shrugging off fiscal worries, the continuing conflict in Libya as investors came back to buy equities beaten down in the recent correction.
The Japanese yen fell against the U.S. dollar, giving respite to exporters already facing a cloud over business environment amid the authorities’ struggle to contain radiation-emitting nuclear power plants that broke down during the March 11 earthquake.
Stocks on the Move
In Tokyo, automakers Toyota, Nissan and Suzuki gained 1% to 1.8% while electronics majors Sony, Ricoh and Panasonic gained 1.5% to 3.3%.
However, Tokyo Electric Power Company, operator of the Fukushima power plants, lost 6.2%. The stock has lost over 60% of its value in the aftermath of the nuclear crisis.
In Hong Kong, mainland-focus bank shares climbed the most after Bank of China post robust earnings yesterday. Bank of China, China Merchants Bank and Industrial and Commercial Bank of China advanced 2.2% to 2.6%.
In the mainland, property stocks, led by Poly Real Estate, which surged 4.5%, pushed the index higher. Gemdale Corp added 2.2%.
Indian stocks rose steadily throughout the trading session and a weak rupee, versus the dollar, helped technology outsourcers.
Industry bellwether Infosys jumped 5.2% while peer Tata Consultancy Services ended 2.3% higher.
In Sydney, firm commodity prices provided strength to resource stocks. Miner Rio Tinto rose 0.5%.