By V. Phani Kumar, MarketWatch
The stock gains in Japan also followed minutes of the Bank of Japan’s last meeting released Friday, which showed a few members of the policy-setting board believed the current monetary-policy framework doesn’t rule out the possibility of further measures, if needed.
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Also reversing some recent losses, real-estate major Mitsui Fudosan Co. /zigman2/quotes/205394574/delayed JP:8801 -0.91% /zigman2/quotes/208297288/delayed MTSFF -3.41% jumped 3.8%, and rival Mitsubishi Estate Co. /zigman2/quotes/208910776/delayed JP:8802 -0.21% /zigman2/quotes/204837054/delayed MITEY -0.74% climbed 4.2%. Both stocks still looked set to end the week sharply lower.
Kawasaki Heavy Industries Ltd. /zigman2/quotes/206655821/delayed JP:7012 -1.87% /zigman2/quotes/200808822/delayed KWHIY -3.08% climbed 4.3% after the Nikkei newspaper reported the board of directors had dismissed the company’s president and scuttled merger talks with Mitsui Engineering & Shipbuilding Co. Mitsui Engineering /zigman2/quotes/203763780/delayed JP:7003 -1.49% /zigman2/quotes/205829695/delayed MIESF -34.11% gave up early gains to tumble 5.5%.
Mining issues jumped in Sydney, including a 4.7% gain in Rio Tinto Ltd. /zigman2/quotes/202627887/composite RIO -5.15% /zigman2/quotes/200083756/delayed AU:RIO +0.72% and a 1.4% rise for gold producer Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM 0.00% /zigman2/quotes/206026738/delayed NCMGF -3.30%
High-yield-dividend banking shares moved higher as the Australian dollar /zigman2/quotes/210560947/realtime/sampled AUDUSD -0.0130% strengthened. Shares of Australia & New Zealand Banking Group /zigman2/quotes/205482049/delayed AU:ANZ +0.24% /zigman2/quotes/203732563/delayed ANZBY -0.79% bounced 3%, and Westpac Banking Corp. /zigman2/quotes/203084975/delayed AU:WBC +1.52% /zigman2/quotes/206661702/composite WBK +0.12% rose 2.7%.
Relief-buying also lifted several beleaguered shares in Seoul. Heavyweight Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 -1.90% /zigman2/quotes/202367843/delayed SSNLF 0.00% rose 0.9%, and Kia Motors Corp. /zigman2/quotes/206019389/delayed KR:000270 -3.66% /zigman2/quotes/205439169/delayed KIMTF +8.21% added 0.9%.
Among the notable gainers in Manila, Philippine Long Distance Telephone Co. /zigman2/quotes/206673237/delayed PH:TEL +0.69% /zigman2/quotes/207980691/composite PHI -0.16% rose 2.2% and San Miguel Corp. /zigman2/quotes/207924970/delayed PH:SMC -0.39% jumped 6%.
Banks were leading the charge in afternoon trading in Indonesia and Thailand.
Bank Negara Indonesia ID:BBNI -1.94% soared 6.7%, and Bank Rakyat Indonesia ID:BBRI -3.98% /zigman2/quotes/206633425/delayed BKRKY -2.41% advanced 4.1% in Jakarta; in Bangkok, Kasikornbank PCL TH:KBANK -1.26% surged 7.6% and Siam Commercial Bank PCL TH:SCB -0.54% climbed 5.2%.