Asian stocks climbed in choppy trading as investors assessed the European Central Bank’s fresh stimulus measures. Financial and technology shares led gains as markets closed higher across the region.
The MSCI Asia Pacific Index added 0.7 percent to 126.40 as of 4:10 p.m. in Hong Kong, reversing a decline of 0.6 percent. The measure is up 0.1 percent over the past five days, heading for a fourth weekly advance. European shares jumped and tumbled on Thursday as ECB President Mario Draghi delivered interest-rate cuts, more bond purchases and a potential subsidy to lenders and then said the central bank is done with lowering borrowing costs for now.
The regional equity measure has pared its loss for 2016 to 4.2 percent as a rebound in oil, other commodities and banking shares helped boost investor sentiment. Stocks in Shanghai are still the worst performers this year among 93 primary indexes tracked by Bloomberg with a 21 percent drop. Attention now shifts to economic data from China over the weekend and policy decisions next week by the Federal Reserve and the Bank of Japan.
Japan’s Topix index added 0.5 percent on Friday, erasing morning losses of as much as 1.5 percent as lenders led gains while a weaker yen boosted exporters. South Korea’s Kospi index added 0.1 percent. Taiwan’s Taiex index increased 0.5 percent. Australia’s S&P/ASX 200 Index rose 0.3 percent. New Zealand’s S&P/NZX 50 Index increased 0.1 percent to close at a record. Hong Kong’s Hang Seng Index climbed 1.1 percent. Singapore’s Straits Times Index advanced 0.7 percent.
Source : Bloomberg