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Japanese stocks advance, as most Asian markets fall

Tokyo’s Nikkei 225 index rose 85.14 points, or 0.53 percent, to close at 16,105.98. The Nikkei dipped 0.31 percent on Thursday as profit-taking pared gains from a near three-month high reached the previous session.

The Japanese stocks rebounded Friday, following a strong overnight performance in New York, where a sharp drop in oil prices helped Wall Street extend its rally for a third straight session.

The Dow Jones industrial average rose 7.84, or 0.07 percent, to 11,334.96, while the Nasdaq composite index climbed 8.07, or 0.38 percent, to 2,157.61.

Optimism about Japan’s economy also buoyed Japanese stocks over the week, with the Nikkei rising 3.5 percent.

The world’s second-largest economy is pulling out of more than a decade of doldrums. The Japanese government last week reported a sixth straight quarter of economic growth.

Gainers in Japan Friday included technology companies such as Sony Corp., which added 2.70 percent to 5,310 yen (US$45.83). Matsushita Electric Industrial Co. gained 1.01 percent to 2,485 yen (US$21.45).

Other gainers were machinery maker Fanuc Ltd., retailer Daiei Inc. and construction giant Obayashi Corp.

In Hong Kong, stocks fell slightly as investors took profits following a recent rally in companies such as China’s key wireless operator.

The blue chip Hang Seng Index slid 42.35 points, or 0.2 percent, to 17,330.70. The index has risen 0.5 percent during the week and 2.6 percent in the past two weeks.

“The index is undergoing a consolidatory phase, with investors awaiting first-half results from Hutchison Whampoa and Cheung Kong Thursday,” said Kingston Lin, associate director of Prudential Brokerage.

China Mobile, the world’s largest wireless operator by subscribers, slipped 0.1 percent to HK$51.65. The company’s shares have risen nearly 17 percent over the past month, but investors were disappointed it didn’t offer any first-half special dividends despite its 25 percent rise in net profit for the six months ended June, Lin said.

In currencies, the U.S. dollar was trading at 116.04 yen on the Tokyo foreign exchange market late Friday, up from 115.90 yen late Thursday in New York. The euro rose to US$1.2830 from US$1.2827.

Elsewhere:

BANGKOK: Thai shares ended almost flat, as declines in key energy stocks after many sessions of softening global oil prices offset gains by housing developers and some banks. The Stock Exchange of Thailand’s SET index closed down 0.07 percent, or 0.5 point, at 708.49.

KUALA LUMPUR: Malaysian shares ended flat as pre-weekend profit-taking, especially in plantation stocks, offset gains by some heavyweights on positive earnings reports. The weighted Composite Index of 100 blue chip stocks edged down 0.01 percent, or 0.08 point, to close at 942.00.

MANILA: Philippine stocks ended their three-day upswing on profit-taking ahead of a long weekend, with the Ayala group leading the losses. The benchmark 30-company Philippine Stock Exchange Index fell 16.06 points, or 0.7 percent, to 2,329.90.

SEOUL: South Korean shares rose, gaining for the fourth straight session, as investors purchased technology stocks. The Korea Composite Stock Price Index rose 3.32 points, or 0.3 percent, to 1,331.10.

SHANGHAI/ SHENZHEN: China’s shares fell after a weak debut for Air China’s first domestic stock offering. The benchmark Shanghai Composite Index ended down 0.3 percent at 1,598.02, while the Shenzhen Composite Index for China’s smaller second exchange fell 0.6 percent to 396.71.

SINGAPORE: Singaporean shares ended higher for the third straight session on moderating oil prices, and with keen interest in new listing Synear Food dominating trading activity. The benchmark Straits Times Index ended up 12.9 points, or 0.5 percent at 2,483.5.

SYDNEY: Australian stocks posted moderate losses, with gold and mining stocks weighing on the market. The benchmark S&P/ASX200 index lost 3.4 points to 5,052.5.

TAIPEI: Taiwan’s shares fell marginally on profit-taking ahead of the weekend, with food and electronics issues leading the decline. The Weighted Price Index on the Taiwan Stock Exchange dropped 12.38 points, or 0.2 percent, to 6,721.08.

WELLINGTON: New Zealand’s stocks reversed modest early gains to close lower, weighed down by lackluster reports of company earnings. The benchmark NZX-50 index fell 16.2 points, or 0.5 percent, to 3,468.26.

Financial markets in Indonesia were closed for a national holiday.