Asian markets recovered some lost ground Friday, to close out the week in a more buoyant mood, lifted by the semiconductor sector, which is anticipating a price rebound late this year following heavy consolidation efforts in the industry. A weakening of the yen gave a boost to Japanese exporters. Investors were also heartened by the U.S. Congress's release Thursday evening of the second half of the $700 billion in bailout funds under the Troubled Asset Relief Plan and the government's $20 billion cash injection into Bank of America.
In a turnaround from Thursday's steep slide, Japan's Nikkei 225 index gained 206.84 points, or 2.6%, to close at 8,230.15. The broader Topix index swelled by 2.75%, to 817.89.
Mizuho Financial Group (nyse: MFG - news - people ) rose by 3.3%, to 248 yen ($2.75), after announcing that it would replace its president and the chiefs of its core banking units.
Chip makers all advanced, to varying degrees: Elpida Memory (other-otc: ELPDF - news - people ) rocketed by 13.6%, to 559 yen ($6.19), while Tokyo Electron (other-otc: TOELF - news - people ) shot up 8.5%, to 3,120 yen ($34.54), and Advantest (nyse: ATE - news - people ) surged by 4.0%, to 1,262 yen ($13.97). Hitachi (nyse: HIT - news - people ) shares were initially depressed following reports that the electronics giant was likely to record a loss of more than $1.1 billion for the current fiscal year, but they were swept up in the wave of positive feeling to finish 0.6% higher, at 364 yen ($4.03). Panasonic (nyse: PC - news - people ) cut its projection for earnings in the current year; its shares nonetheless gained 1.7%, to 1,125 yen ($12.45). Sony sprang ahead by 4.8%, to 2,075 yen ($22.97).
Honda Motor (nyse: HMC - news - people ) soared by 8.0%, to 2,010 yen ($22.25), after it said it had slashed output in Japan by 56,000 vehicles. Toyota Motor (nyse: TM - news - people ) climbed by 6.0%, to 3,010 yen ($33.32), even as it moved to idle North American factories for more days in the first quarter. Fuji Heavy Industries (other-otc: FUJHY - news - people ), the maker of Subaru automobiles, jumped by 6.6%, to 276 yen ($3.06), despite reportedly revising its current-year forecast from a modest gain to a modest loss, announcing production cuts including the scrapping of an auto plant, and placing its dividend policy under review, according to TradeTheNews.com.
The yen slid by 0.6% against the dollar, to 90.36 yen, by the close of trading in Tokyo, breaking through the psychologically significant 90-yen level, lightening the foreign exchange burden on Japanese exporters' overseas earnings.
Hong Kong's Hang Seng index was the weak sister among the major Pacific Rim equity averages, eking out a 0.1% gain, to 13,255.51, after Thursday's tumble. HSBC Holdings (nyse: HBC - news - people ) continued its recent slide, down 2.7%, to 64.20 Hong Kong dollars ($8.27). But Chinese banks rose, as China's sovereign wealth fund raises stakes in major lenders, following through on a September promise to buy more shares to prop up their prices. (See "China's Sovereign Wealth Fund Turns Inward.") Industrial and Commercial Bank of China (other-otc: ICBAF - news - people ) rose 3.6%, to 3.44 Hong Kong dollars (44 cents); China Construction Bank (other-otc: CICHF - news - people ) perked up by 3.7%, to 3.91 Hong Kong dollars (50 cents); and Bank of China (other-otc: BACHF - news - people ) appreciated by 4.6%, to 2.04 Hong Kong dollars (26 cents). Mainland-based real estate firms also prospered Friday.
Bank of East Asia (other-otc: BKEAY - news - people ) shares leapt by 5.65%, to 16.46 Hong Kong dollars ($2.12), while Ping An Insurance (other-otc: PNGAY - news - people ) moved down by 3.2%, to 35.20 Hong Kong dollars ($4.54). Chinese airlines rallied: Air China (other-otc: AIRYY - news - people ) bounced back by 3.9%, to 1.88 Hong Kong dollars (24 cents), and China Eastern Airlines (nyse: CEA - news - people ) thrust upward by 2.8%, to 1.11 Hong Kong dollars (14 cents), on news of a financing deal.
China's Shanghai Composite index gained 1.8%, to 1,954.44. Taiwan's Taiex weighted index added 0.8%, to 4,353.70.
South Korea's KOSPI index increased by 2.15%, to 1,135.20. Hynix Semiconductor (other-otc: HXSCF - news - people ) jumped by 5.8%, to 6,950 won ($5.06). Samsung Electronics (other-otc: SSNLF - news - people ) added 2.1%, to 469,000 won ($341.79), after announcing a business and management shake-up. The tech giant faces its first operating loss in nearly a decade. (See "As Earnings Hit A Dry Spell, Samsung Prunes.") LG Display (nyse: LPL - news - people ) spiked by 1,300 won (96 cents), or 5.7%, to 24,100 won ($17.56). After the bell, though, it posted a fourth-quarter loss of 684 billion won ($503.4 million), its first loss in seven quarters, on plummeting prices for liquid crystal displays owing to oversupply. Hanwha Corp. vaulted by 13.3%, to 26,800 won ($19.53), on investor expectations that it will drop its bid for Daewoo Shipbuilding & Marine Engineering.
Australia's S&P/ASX200 moved up by 0.6%, to 3,550.90. The broader All Ordinaries index inflated by 0.5%, to 3,494.90. New Zealand's NZX 50 index edged up by 0.3%, to 2,752.16.
BHP Billiton (nyse: BBL - news - people ) advanced by 3.4%, to 29.88 Australian dollars ($20.13), while counterpart Rio Tinto (nyse: RTP - news - people ) put on 2.8%, to 38.35 Australian dollars ($25.84). Gold miners did well, with Lihir Gold (nasdaq: LIHR - news - people ) up 5.1%, to 2.68 Australian dollars ($1.81); Newmont Mining (nyse: NEM - news - people ) up 2.8%, to 5.57 Australian dollars ($3.75); and Newcrest Mining (other-otc: NCMGY - news - people ) up 2.5%, to 28.95 Australian dollars ($19.51). Woodside Petroleum (other-otc: WOPEY - news - people ) underperformed the market, down 1.5%, to 33.53 Australian dollars ($22.59), on its announcement that it was suspending a liquefied natural gas project off the California coast because of unfavorable market conditions. Troubled shopping center owner Centro Properties (other-otc: CEOPF - news - people ) jumped by 4.2%, to 12.5 Australian cents (8 cents), before trading was halted, once its creditors agreed to extend the terms of $22 billion in the company's debt.
Elsewhere in Asia, Thailand's Thai SET 50 index pulled up by 2.5%, to 302.64. India's BSE Sensex 30 improved by 3.1%, to 9,323.59. Singapore's Straits Times index appreciated by 1.55%, to 1,730.45.
Light, sweet crude for February delivery lost 5 cents, to $35.35 a barrel, by the conclusion of Asian trading hours on the New York Mercantile Exchange.
In a turnaround from Thursday's steep slide, Japan's Nikkei 225 index gained 206.84 points, or 2.6%, to close at 8,230.15. The broader Topix index swelled by 2.75%, to 817.89.
Mizuho Financial Group (nyse: MFG - news - people ) rose by 3.3%, to 248 yen ($2.75), after announcing that it would replace its president and the chiefs of its core banking units.
Chip makers all advanced, to varying degrees: Elpida Memory (other-otc: ELPDF - news - people ) rocketed by 13.6%, to 559 yen ($6.19), while Tokyo Electron (other-otc: TOELF - news - people ) shot up 8.5%, to 3,120 yen ($34.54), and Advantest (nyse: ATE - news - people ) surged by 4.0%, to 1,262 yen ($13.97). Hitachi (nyse: HIT - news - people ) shares were initially depressed following reports that the electronics giant was likely to record a loss of more than $1.1 billion for the current fiscal year, but they were swept up in the wave of positive feeling to finish 0.6% higher, at 364 yen ($4.03). Panasonic (nyse: PC - news - people ) cut its projection for earnings in the current year; its shares nonetheless gained 1.7%, to 1,125 yen ($12.45). Sony sprang ahead by 4.8%, to 2,075 yen ($22.97).
Honda Motor (nyse: HMC - news - people ) soared by 8.0%, to 2,010 yen ($22.25), after it said it had slashed output in Japan by 56,000 vehicles. Toyota Motor (nyse: TM - news - people ) climbed by 6.0%, to 3,010 yen ($33.32), even as it moved to idle North American factories for more days in the first quarter. Fuji Heavy Industries (other-otc: FUJHY - news - people ), the maker of Subaru automobiles, jumped by 6.6%, to 276 yen ($3.06), despite reportedly revising its current-year forecast from a modest gain to a modest loss, announcing production cuts including the scrapping of an auto plant, and placing its dividend policy under review, according to TradeTheNews.com.
The yen slid by 0.6% against the dollar, to 90.36 yen, by the close of trading in Tokyo, breaking through the psychologically significant 90-yen level, lightening the foreign exchange burden on Japanese exporters' overseas earnings.
Hong Kong's Hang Seng index was the weak sister among the major Pacific Rim equity averages, eking out a 0.1% gain, to 13,255.51, after Thursday's tumble. HSBC Holdings (nyse: HBC - news - people ) continued its recent slide, down 2.7%, to 64.20 Hong Kong dollars ($8.27). But Chinese banks rose, as China's sovereign wealth fund raises stakes in major lenders, following through on a September promise to buy more shares to prop up their prices. (See "China's Sovereign Wealth Fund Turns Inward.") Industrial and Commercial Bank of China (other-otc: ICBAF - news - people ) rose 3.6%, to 3.44 Hong Kong dollars (44 cents); China Construction Bank (other-otc: CICHF - news - people ) perked up by 3.7%, to 3.91 Hong Kong dollars (50 cents); and Bank of China (other-otc: BACHF - news - people ) appreciated by 4.6%, to 2.04 Hong Kong dollars (26 cents). Mainland-based real estate firms also prospered Friday.
Bank of East Asia (other-otc: BKEAY - news - people ) shares leapt by 5.65%, to 16.46 Hong Kong dollars ($2.12), while Ping An Insurance (other-otc: PNGAY - news - people ) moved down by 3.2%, to 35.20 Hong Kong dollars ($4.54). Chinese airlines rallied: Air China (other-otc: AIRYY - news - people ) bounced back by 3.9%, to 1.88 Hong Kong dollars (24 cents), and China Eastern Airlines (nyse: CEA - news - people ) thrust upward by 2.8%, to 1.11 Hong Kong dollars (14 cents), on news of a financing deal.
China's Shanghai Composite index gained 1.8%, to 1,954.44. Taiwan's Taiex weighted index added 0.8%, to 4,353.70.
South Korea's KOSPI index increased by 2.15%, to 1,135.20. Hynix Semiconductor (other-otc: HXSCF - news - people ) jumped by 5.8%, to 6,950 won ($5.06). Samsung Electronics (other-otc: SSNLF - news - people ) added 2.1%, to 469,000 won ($341.79), after announcing a business and management shake-up. The tech giant faces its first operating loss in nearly a decade. (See "As Earnings Hit A Dry Spell, Samsung Prunes.") LG Display (nyse: LPL - news - people ) spiked by 1,300 won (96 cents), or 5.7%, to 24,100 won ($17.56). After the bell, though, it posted a fourth-quarter loss of 684 billion won ($503.4 million), its first loss in seven quarters, on plummeting prices for liquid crystal displays owing to oversupply. Hanwha Corp. vaulted by 13.3%, to 26,800 won ($19.53), on investor expectations that it will drop its bid for Daewoo Shipbuilding & Marine Engineering.
Australia's S&P/ASX200 moved up by 0.6%, to 3,550.90. The broader All Ordinaries index inflated by 0.5%, to 3,494.90. New Zealand's NZX 50 index edged up by 0.3%, to 2,752.16.
BHP Billiton (nyse: BBL - news - people ) advanced by 3.4%, to 29.88 Australian dollars ($20.13), while counterpart Rio Tinto (nyse: RTP - news - people ) put on 2.8%, to 38.35 Australian dollars ($25.84). Gold miners did well, with Lihir Gold (nasdaq: LIHR - news - people ) up 5.1%, to 2.68 Australian dollars ($1.81); Newmont Mining (nyse: NEM - news - people ) up 2.8%, to 5.57 Australian dollars ($3.75); and Newcrest Mining (other-otc: NCMGY - news - people ) up 2.5%, to 28.95 Australian dollars ($19.51). Woodside Petroleum (other-otc: WOPEY - news - people ) underperformed the market, down 1.5%, to 33.53 Australian dollars ($22.59), on its announcement that it was suspending a liquefied natural gas project off the California coast because of unfavorable market conditions. Troubled shopping center owner Centro Properties (other-otc: CEOPF - news - people ) jumped by 4.2%, to 12.5 Australian cents (8 cents), before trading was halted, once its creditors agreed to extend the terms of $22 billion in the company's debt.
Elsewhere in Asia, Thailand's Thai SET 50 index pulled up by 2.5%, to 302.64. India's BSE Sensex 30 improved by 3.1%, to 9,323.59. Singapore's Straits Times index appreciated by 1.55%, to 1,730.45.
Light, sweet crude for February delivery lost 5 cents, to $35.35 a barrel, by the conclusion of Asian trading hours on the New York Mercantile Exchange.
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