Nikkei 225 Average ended up 51.29 points or 0.57% higher at 9,114.13 and Hong Kong’s Hang Seng index resumed its ascend to 20,971.50. Shanghai Composite fell however, to 2,655.39 as concerns over the government’s action on the property markets sent property stocks on retreat. US pending home sales data and jobless claims released overnight were the main drivers to the rise. Caution was in the air as investors braced for the widely anticipated Non-farm Payrolls data due later in US session.
Ping An jumped again for the second day in a row after it resumed trading following a long break since late June. The insurance group climbed 5.45% towards HK$69.70, lending support to the Hang Seng index performance. Deutsche Bank however, lowered its target from HK$88.00 to HK$78.89.
Following disappointing fiscal year results, Morgan Stanley revised Esprit’s target to HK$52 from HK$73, while Citigroup adjusted its target to HK59 from HK$62. Esprit plunged deeper as it settled at HK$40.65 or 5.24% lower.
In contrast, Sino Land edged up 3.24% to HK$14.02 after it reported a better-than-expected fiscal year results late on Thursday. Net profit excluding revaluation gains amounted to HK$3.51 billion which, despite falling 2.6% against prior year, were better than the consensus of HK$3.37 billion.
Top gainers in Japan on Friday were Sony Corp. - which recently opened a direct rivalry against Apple in video and photo streaming services after launching Qriocity – with 2.39% gains at ¥2,485, TDK Corp. with 2.09% rise to ¥4,640, and Toyota Motor Corp. which advanced 2.39% to ¥2,485. Languishing at the bottom were Honda Motor which shed 1.22% to ¥2,824, Nikon Corp. with 0.63% decline to ¥1,425, and Kyocera which ended 0.4% lower at ¥7,480.
On the top along with Sino Land, China Merchants Holdings rose 2.47% towards HK$27 while Cathay Pacific Airways advanced to HK$19.80 or up 2.27%. Yue Yuen Industrials and China Resources joined Esprit Holdings at the bottom, falling 0.99% and 1.35%, respectively.
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