Asian shares end mostly up with key index rising in Tokyo
Asian shares end mostly up with key index rising in Tokyo
Dow Jones Hong Kong
Asian stock markets closed mostly higher Friday, with the key index rising in Tokyo on news reports that the Japanese government would force banks to get rid of bad loans that have hampered economic growth.
Japan's benchmark 225-issue Nikkei Stock Average rose 209.52 points, or 2.3 percent, to 9530.44.
The Nikkei's rise was led by major bank shares Daiwa Bank, Mitsubishi-Tokyo Financial Group and Mizuho Holdings. Export- dependent issues such as automakers Honda and Toyota also gained.
Traders attributed the rise to newspaper reports that the government may inject public money into the nation's banks and also encourage lenders to get rid of some of the trillions of yen in bad loans by selling them at higher prices to the state-run Resolution and Collection Corp.
Banks' slow progress in writing off their bad loans has long made investors wary of investing in the stock market.
In Hong Kong, the Hang Seng Index rose 23.75 points, or 0.3 percent, finishing at 9294.46.
Brokers said the market saw continued select bargain-hunting following recent losses.
Property stocks remained largely firm following comments by Hong Kong's financial secretary that the government is considering measures to boost the territory's real estate market.
Shares in Singapore closed higher due to the gains overnight on Wall Street. The Straits Times Index rose 1.3 percent, or 17.60 points, to 1373.89.
Taiwan shares closed lower on profit-taking. The Weighted Price Index of the Taiwan Stock Exchange fell 13.42 points, or 0.3 percent, to 4208.80.
Philippine shares closed mixed, with the key index slipping marginally. The 30-company Philippine Stock Exchange Index fell 1.07 points, or 0.1 percent, to 1119.92.
South Korean shares closed mixed. The Korea Stock Price Index edged up 0.2 percent, or 1.31 points, to 663.72.
Malaysian shares closed higher on bargain-hunting. The Composite Index of 100 blue chips rose 1.2 percent, or 7.53 points, to 647.36.
Indonesian shares closed mixed. The Composite Index rose 0.3 percent, or 1.032 points, to 412.973.
Thai stocks closed higher, snapping a seven-session losing streak. The Stock Exchange of Thailand Index rose 2.90 points, or 0.9 percent, to 338.72.
New Zealand shares closed lower. The NZSE-40 Capital Index fell 11.2 points, or 0.6 percent, to 1979.31.
Australian shares closed higher, boosted by gains in blue chips Telstra Corp., and News Corp. The All Ordinaries Index rose 19.80 points, or 0.7 percent, to 2965.60.