Asian stock markets on Friday followed Wall Street higher after US inflation eased last month and China reported unexpectedly strong exports.
Taipei, Hong Kong, Seoul, Shanghai and Tokyo advanced.
Wall Street’s benchmark S&P 500 index rose 1.3 percent on Thursday after US inflation at the wholesale level slowed more than expected.
Photo: Bloomberg
Asian markets were “taking cues from a solid rally on Wall Street,” Anderson Alves of ActivTrades said in a report.
In Taiwan, the TAIEX closed up 124.67 points, or 0.79 percent, at 15,929.43, gaining 0.58 percent from a week earlier. Turnover totaled NT$249.61 billion (US$8.19 billion).
The Shanghai Composite Index advanced 0.6 percent to 3,338.15, rising 0.32 percent weekly, after customs data on Thursday showed that China’s exports for last month rose 14.8 percent over a year earlier, rebounding from a decline in January and February.
Tokyo stocks closed higher for the sixth straight day, with the benchmark Nikkei 225 climbing 1.2 percent to 28,493.47, advancing 3.54 percent for the week, while the broader TOPIX rose 0.54 percent to 2,018.72, increasing 2.71 percent weekly.
“A broad range of stocks were bought, following the trend of a significant rebound in the US stock market, mainly in major high-tech stocks, as the US March wholesale price index fell against expectations, and fears of inflation receded,” Iwai Cosmo Securities said in a note.
Iwai Cosmo also said a rise in shares of Uniqlo-operator Fast Retailing Co, which upgraded its annual forecasts on Thursday, helped boost the Tokyo market.
US wholesale prices declined 0.5 percent in March, US data showed, with the drop largely attributed to a fall in energy prices.
Among major shares, Fast Retailing surged 8.49 percent to ￥32,840 after they lifted its forecasts on strong overseas demand as Chinese consumers return to stores.
Sony Group jumped 1.76 percent to ￥12,110, while Nintendo gained 1.64 percent to ￥5,467.
In Hong Kong, the Hang Seng added 94.33 points, or 0.46 percent, at 20,438.81, up 0.53 percent weekly.
Seoul’s KOSPI advanced 0.38 percent to 2,571.49, rising 3.26 percent weekly, while Sydney’s S&P/ASX 200 gained 0.51 percent to 7,361.6, up 1.98 percent weekly.
India’s SENSEX was closed for a holiday.
Additional reporting by staff writer, with agencies
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