China Up on PMI Data
Greater Chinese shares extended gains after the March’s positive manufacturing data for March. Shanghai shares pushed above the 2,300-level after closing at a one-week high on Thursday while the Hong Kong market added 0.1 percent.
Financials led the rally after the official Shanghai Securities News reported that China’s big five banks may post a 12 percent increase in 2012 net profit.
China Construction Bank, Bank of Communications both rallied 1 percent in Hong Kong while China CITIC Bank surged 4.8 percent in Shanghai.
In Sydney, the S&P ASX 200 was unable to gain track Asian shares higher as internal tensions rose over Prime Minister Julia Gillard’s leadership.
Gold miners weighed on the index with Northern Star and Troy losing over 3 percent after bullion prices slipped in response to the Fed’s policy stance.
Shares of surf wear retailer Billabong slumped 14 percent to an all-time low and the company has been placed on a trading halt in order to investigate the sudden decline.
Kospi Lags
Seoul stocks dipped in and out of a one-month low after North Korea’s military threatened to attack U.S navy bases in Guam and Japan.
The index has struggled to push above the 2,000-mark in recent sessions after hitting a two-month high earlier this month as the Korean won continues to strengthen against the Japanese yen.
The won has appreciated 6 percent against the yen since the start of 2013, making Korean exporters less competitive as a stronger currency hurts their repatriated earnings.
“I wouldn’t own anything in Korea because I think its going to get really hurt by Japan. Japanese earnings are turning around at the same that the Korean ones are decelerating,” said Mark Matthews, head of research Asia at Bank Julius Baer.
Source Article from http://www.cnbc.com/id/100574983
