Market Update
Equities in Asia ended mostly higher, as Japanese markets gained for the third day as investors started picking up risk assets after last week's destructive earthquake and tsunami, which crippled power plants and brought the country to the verge of a nuclear meltdown.
At close, Japan's Nikkei edged up 2.7% while Hong Kong's Hang Seng and mainland China's Shanghai Composite rose 0.1% and 0.3%, respectively. Across the region, Australia's ASX closed 1.7% higher. However, India's Sensex declined 1.4%.
Friday's up-move was led by Japan as country's nuclear crisis appeared to easing, while the Bank of Japan moved to rein the rise of the yen--which has gained since the crisis--even securing the Group of Seven's approval on intervention.
Prices of several commodities, including many base metals and crude oil inched higher while the perceived safe haven, gold, was weak.
The Japanese yen slipped against the U.S. dollar, retreating from all-time highs it made recently against the greenback after news of further intervention by the Japanese and international authorities.
Stocks on the Move
In Tokyo, export focused stocks led the gainers as a weak yen came as good news. Automaker Honda rose 0.8% while electronics majors Canon and Panasonic gained 1.6% and 1.8%, respectively.
The Tokyo Electric Power Company, operator of the broken-down nuclear power plants currently at the risk of a meltdown, surged over 17% after losing about 62% of its value in the past four days, as reports came in that authorities had achieved some success at cooling down the reactors that have been leaking radiation since last week.
In Hong Kong and China, resource plays led the indexes higher on strength in commodity prices. Jiangxi Copper rose 4% in Hong Kong.
Property stocks also witnessed buying: Henderson Land gained 3.7% in Hong Kong while Poly Real Estate rose 2% in Shanghai.
Indian stocks were pressured after the index heavyweight and energy major Reliance Industries dropped 4% as the company projected a decline in output from one of its key gas basins in India.
Bank stocks also witnessed selling a day after the Reserve Bank of India hiked interest rates to combat inflation: State Bank of India and ICICI Bank slipped 1% and 0.8%, respectively.
In Sydney, oil stocks rallied after crude prices reached $103 per barrel on news that the United Nations had sanctioned strikes over oil-rich Libya, which has witnessed severe protests against ruler Col. Muammar Gaddafi.
Santos climbed 4.6% while Oil Search advanced 3.4%. Miners also ended higher.