Japan's benchmark Nikkei225 index rallied 1.9% to 13,568.37, as G20 expressed support over the quantitative easing and yen continued lower. Finance ministers from the Group of 20 industrial and developing countries on Friday signaled their approval of Japan's new efforts to stimulate its moribund economy through aggressive monetary easing.
BoJ governor commented that winning international understanding gives me more confidence to conduct monetary policy appropriately. He pledged to continue the qualitative and quantitative easing for the next two years. The G20 statement acknowledged that Japan's recent policy actions are intended to stop deflation and support domestic demand.
Tokyo Electron rose another 3.2% to 4680 yen, extending prior day 7.1% gain after the company has revised up just-ended fiscal year estimates to reflect better-than-expected progress in reducing prime costs and overheads. The company raised its estimate for net profits by 1.5 billion yen to 6 billion yen.
Mitsui Engineering & Shipbuilding closed up 13% at 191 yen, while Kawasaki Heavy Industries slipped 0.9% to 330 yen, after Nikkei report that they are set to launch merger negotiations. A merger between the pair could create a mega company with nearly 2 trillion yen in annual sales, the Nikkei said. Both companies denied that the report was based on anything they had announced.
Australia's share market closed modest higher on the back of late hour rebound in the mining, financials, retailers, and energy companies. But, gains on the upside were modest as many of the investors preferred to sit on the sideline on cautious ahead of the announcement of RBA interest rate decision. The benchmark S&P/ASX200 index advanced 34.70 points, or 0.7%, to 4,966.60, while the broader All Ordinaries added 32.40 points, or 0.66%, to 4,955.40. Within the exchange, gainers outweigh decliners with 692 stocks rose while 579 stocks fall. The trading value on the exchange totaled about A$2.96 trillion. Market volume turnover totaled 1.54 billion.
QBE advanced by 1.1% to A$13.14 despite credit rating cut by Moody's. Rating agency has downgraded its credit rating on the lender from A3 to Baa1 with a negative outlook, due to weaker earnings growth, internal capital generation, and ongoing concerns about its debt levels.
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Copper and gold miner OZ Minerals declined 10.6% to A$4.30 after announcing a drop of about 8-10% in copper production guidance for this calendar year. The production downgrade was reported after OZ suffered a wall slide at its flagship Prominent Hill mine in South Australia, which could take until August to be remediated. OZ will now produce between 82,000 and 88,000 tonne of copper this year, rather than the 90,000 to 95,000 tonne that were originally promised.
New Zealand's share market benchmark NZX 50 Index rose 39.156 points, or 0.9%, to 4483.65, a record high close, helped by solid gains in utilities after the Labor and Greens parties unveiled plans to regulate the power market if they win power. Contact, the biggest power company on the exchange, rose 1.5% to NZ$5.39. Chorus, the telecommunications network operator, rose 3.4% to NZ$2.73. Ecoya jumped 17% to 95 cents after the cosmetics and scented candle marketer said operating profit climbed more than NZ$1.1 million in the 12 months ended March 31, with sales rising 18% to NZ$26.6 million.
China's share market finished rollercoaster trade slight lower, as investors opted to book profit following sharp rally prior day, worried over economic damage of the Sichuan earthquake, and on cautious ahead of preliminary manufacturing data due tomorrow. The benchmark Shanghai Composite ended down 0.1% after moving up down in the range of 13 points.
Chinese insurance companies declined the most on worried that an increase in damage claims will crimp their profitability. China Life Insurance, the country's biggest insurer, slumped 2.5% to 17.22 yuan. Ping An Insurance Co, China's second-largest insurer, dropped 2.2% to 41.95 yuan. China Pacific Insurance (Group) Co lost 2.3% to 19.71 yuan.
The Hong Kong share market closed tad higher after moving between boundary line, helped by firm performances from the utilities, realty and resources blue chips. But gains were marginal, as investors took a cautious stance after rallying 2.3% previous day and ahead of China's HSBC Flash Manufacturing reading later tomorrow. The benchmark Hang Seng Index added 30.80 points, or 0.14%, up at 22,044.37.
Among the 50 Hang Seng index blue chips, 30 rose and 19 fell, with remaining one steady. China Life dipped 1.9% to HK$20.30 on potential claims due to earthquake in Sichuan Province, while Chongqing Iron and Magang shot up 6% to HK$1.25 and HK$2.06. Angang put on 1% to HK$4.88 on hopes of reconstruction demand after the Sichuan quake.
India's key indices ended the day with firm footing, thanks to big gains in banking, capital goods, metals, realty and consumer durable stocks. By provisional finish, the Sensex was up 183.26 points, or 0.96%, to 19199.72. Jet Airways' shares surged after the company recently said it has plans to expand global operations by connecting 23 Indian cities to Abu Dhabi. NIIT Technologies gained after getting Rs 185 crore worth of financial management contract from the finance department of Andhra Pradesh government. Tata Motors jumped after unit Jaguar Land Rover Ltd's China chief said it aims to increase its sales by 20-30% this year in China, its biggest market. Wipro fell after it gave weaker-than-expected quarterly sales forecast on Friday.
Elsewhere, Malaysia's KLSE Composite was edge 0.02% up, Singapore's Strait Times added 0.45%, South Korea's Kospi rose 1%, and Taiwan's Taiex added 0.5%. Indonesia's Jakarta Composite ended little 1.54 points lower.
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