Most Asian markets rose Friday, with Hong Kong, Sydney, Jakarta and Seoul hitting record highs. Tokyo also advanced, lifted by steel companies with strong earnings expectations, REPORTED AP. Taipei reached a 7-year high. Shanghai and Shenzhen both jumped nearly 3 percent. Japan's Nikkei 225 index edged up 41.36 points, or 0.23 percent, to 18,157.93. Friday's gainers included Nippon Steel Corp., which climbed 3.92 percent, and Kawasaki Heavy Industries Ltd., which rose 4.46 percent. Trading companies also advanced, with Mitsui & Co. rising 2.69 percent. Meanwhile, Tokyo Electric Power Co. dropped 2.47 percent, a fourth straight day of decline. Japan's largest utility has experienced a series of problems at one of its nuclear plants due to Monday's earthquake, including a fire and leaks of radioactive material into the ocean. TEPCO shares have fallen 12.4 percent since the quake. In Hong Kong, traders bought Chinese financial stocks and index heavyweight China Mobile. The blue chip Hang Seng Index rose 275.70 points, or 1.2 percent, to 23,291.90, a new record close. Traders said the overall market sentiment appeared to have improved. Analysts said the anticipated tightening measures from China have already been priced in by the local market, and flush liquidity continues to drive up share prices. Chinese insurer Ping An jumped 2.5 percent after posting a 13 percent increase in life premiums incomes late Thursday. Its larger peer China Life rose 2.6 percent. China Mobile, the world's largest wireless operator by subscribers, lent support to the index, rising 2.5 percent. The operator added 5.53 million customers in June, a monthly record for the firm, up from 5.46 million new subscribers in May. Oil major CNOOC ended 2.2 percent higher on high crude oil prices. Chalco, China's largest alumina and aluminum producer by output, rose 3.8 percent on a newspaper report saying the company is expected to buy a smelter from its parent next month. In currency trading in Tokyo, the U.S. dollar gained against both the euro and the Japanese yen. The euro inched down to US$1.3802 from US$1.3803. The greenback bought 122.24 yen at 2:50 p.m. (0550 GMT) Friday, up from 122.06 yen late Thursday in New York. Late Friday, after markets closed, China's central bank raised its key interest rates in a move widely expected after the government said Thursday the economy sped up in the second quarter to its fastest growth rate since 1995. The rate increases take effect Saturday. --MORE
