A bull statue is displayed outside the stock exchange in Hong Kong. Shares closed up 233.28 points to 28,060.98 yesterday.
AFP/Tokyo
Shanghai and Tokyo shares were hit by profit-taking yesterday but most other Asian markets rose after a positive US lead as the Nasdaq broke a 15-year-old record high.
The euro advanced ahead of a eurozone meeting on Greece’s debt crisis, while oil prices edged down after another rally that has been fuelled by worries about unrest in Yemen.
Tokyo, which hit a 15-year high Thursday after a three-day rally, slipped 0.83%. The index lost 167.61 points to end at 20,020.04, with a stronger yen also hitting exporters.
Shanghai gave back 0.47%, or 20.82 points, to 4,393.69, and Seoul fell 0.63%, or 13.61 points, to close at 2,159.80.
However, Sydney rallied 1.51%, or 88.53 points, to 5,933.3 as energy firms were helped by higher oil prices.
And Hong Kong jumped 233.28 points to 28,060.98 – the first time it has ended above 20,000 since December 2007 – boosted by ongoing hopes for more stimulus measures to boost the Chinese economy.
In other markets, Singapore gained 0.29%, or 10.25 points, to 3,513.00; United Overseas Bank climbed 1.27% to Sg$24.70 while real estate developer CapitaLand advanced 1.36% to Sg$3.72.
Kuala Lumpur gained 16.50 points, or 0.89%, to 1,862.58; Public Bank rose 0.61% to 19.70 ringgit, Sime Darby went up 0.32% to 9.28 while Telekom Malaysia lost 0.53% to 7.46 ringgit.
Bangkok added 0.69%, or 10.62 points, to 1,555.46; oil company PTT climbed 3.19% to 356baht, while Airports of Thailand rose 1.37% to 295baht.
Jakarta fell 0.02%, or 0.85 points, to 5,435.35; palm oil producer Astra Agro Lestari slumped 4.76% to 22,000 rupiah, while cement maker Indocement Tunggal Prakarsa rose 0.54% to 23,325 rupiah.
Taipei added 1.18%, or 115.79 points, to 9,913.28; Taiwan Semiconductor Manufacturing Co jumped 3.74% to Tw$152.5 while Hon Hai was 1.39% higher at Tw$94.6.
Manila rose 0.70%, or 55.20 points, to 7,947.25; top-traded Ayala land was down 0.25% to 39.60 pesos, SM Prime Holdings rose 1.22% to 19.84 pesos, while Metrobank was up 0.21% at 97.20 pesos.
Wellington rose 0.13%, or 7.45 points, to 5,765.36; Warehouse Group was up 0.71% at NZ$2.82 and Trade Me gained 2.42% to NZ$3.81.
With few catalysts in Asia, investors tracked their US counterparts, where the tech-heavy Nasdaq passed its previous record high set at the peak of the dot-com boom.
The index added 0.42% to finish at 5,056.06, finally making up the nearly 4,000 points lost in a stunning crash that followed the previous closing high set on March 10, 2000.
The Dow gained 0.11% and the S&P added 0.24%.
Thursday’s advances came despite official data showing fresh claims for US unemployment insurance benefits edged up marginally, while sales of new homes plunged in March after a sharp rise in February.
The figures will further muddy the waters for the Federal Reserve as it debates when to hike record-low interest rates.
On forex markets the dollar eased to ¥119.29 from ¥119.55 in New York late Thursday as expectations for an early summer hike narrow following several below-par US readings lately. The euro bought $1.0885 and ¥129.87 against $1.0823 and ¥129.39 in US trade.
The single currency is also well up from the $1.0703 and ¥128.28 in Tokyo earlier Thursday ahead of the meeting of eurozone finance ministers in Latvia’s capital Riga later in the day to talk about Greece.
The Eurogroup meeting comes with Athens running out of cash and struggling to reach a bailout reform deal with its creditors that will unlock billions of euros to service its debts to avert a default and likely exit from the eurozone.
However, Kathy Lien of BK Asset Management said that while there was optimism an agreement could be reached “in reality the rebound in (the euro) reflects short covering ahead of the meeting”.
