Tokyo shares led Asian stock markets higher on Friday after a surprisingly upbeat US economic growth report buoyed investors following a prolonged rout driven by concerns over China’s economy.
The dollar gained and oil prices rose on the back of the US growth report, while the yen came under pressure from data showing Japan’s inflation was flat last month.
Tokyo stocks finished 3.03 per cent, or 561.88 points, higher at 19,136.32, while Shanghai gained 4.82 per cent, or 148.76 points, to 3,232.35.
Sydney closed 0.58 per cent, or 30.30 points, higher at 5,263.60, and Seoul gained 1.56 per cent, or 29.67 points, to finish at 1,937.67.
Hong Kong was the lone faller, with the benchmark Hang Seng Index dropping 1.04 per cent, or 226.15 points, to 21,612.39.
The gains in Asia followed a second straight day of advances on Wall Street, with the Dow Jones Industrial Average gaining 2.27 per cent, the broad-based S&P 500 rising 2.43 per cent and the tech-rich Nasdaq adding 2.45 per cent.
They were boosted by a US economic growth report that showed the world’s biggest economy expanded at an annual rate of 3.7 per cent in the second quarter, sharply higher than the initial appraisal of a 2.3 per cent gain.
Mizuho Financial Group Inc. (ADR) (NYSE:MFG) engages in banking, trust banking, securities, and other businesses related to financial services in Japan, the Americas, Europe, and Asia/Oceania excluding Japan. The Company shares are trading +27.33% above their 52 week low price after the last close and -9.09% below the 52 week high. Its latest closing price was up +7.98% from the average-price of 200 days while it kept its distance from the SMA50 at -2.86% and -0.70% compared with the SMA 20.
Shares of United Microelectronics Corp (ADR) (NYSE:UMC) were +21.83% up 52 week lows as of the latest close and -29.03% below the 52 week high. Its latest closing price was down -18.68% from the average-price of 200 days while it maintained a distance from the SMA 50 at -6.03 % and -0.40% compared with the SMA 20. United Microelectronics Corporation provides semiconductor wafer foundry solutions.
SouFun Holdings Ltd (NYSE:SFUN) operates a real estate Internet portal, and home furnishing and improvement Websites in the People’s Republic of China. The stock’s latest price traded at +24.72% up 52 week lows after the closing bell and was -52.50% behind its 52 week high. Its latest closing price was -20.18% below the SMA200 while the distance from the SMA 50 and SMA 20 was -20.37% and -10.95% respectively.
Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM) is trading +15.47% higher than the 52 week low price and -19.92% behind the 52 week high. The stock’s latest closing price was -10.99% down from the average-price of 200 days while it kept its distance from the SMA50 at -8.15% and -2.18% compared with the SMA 20. Taiwan Semiconductor Manufacturing Company Limited engages in the computer-aided design, manufacture, packaging, testing, sale, and marketing of integrated circuits and other semiconductor devices.
ICICI Bank Ltd (ADR) (NYSE:IBN) together with its subsidiaries, provides banking and financial services in India and internationally. The Company so far this year has moved down -21.99% and its monthly performance stands at -7.60%. The stock was up +13.57% from its 52 week low and was -31.95% below the 52 week high. Its latest closing price was down -17.08% from the average-price of 200 days while it kept its distance from the SMA50 at -11.18% and -8.24% compared with the SMA 20.