By Kosaku Narioka
Asian stocks rose Friday, with Japan's benchmark index extending
gains to a new 15-year high on prospects for better earnings. Many
markets were closed for the Lunar New Year holiday.
The Nikkei Stock Average rose 0.4% to 18332.30, the highest
level since May 2000. In recent months, Japanese stocks have risen
steadily as investors have taken a renewed interest in companies
that have shifted their focus back to growth and efficiency.
Indonesian stocks were up 0.5%, New Zealand's NZX 50 added 0.4%,
Thai shares were 0.4% higher, and the Philippines was up 0.3%.
Australia's ASX 200 slipped 0.4%. India's Sensex was 0.4%
lower.
China , Hong Kong , Singapore, South Korea and Taiwan were
closed.
Gains in Asian stocks were limited because concerns remained
about Greece's standoff with its European creditors, analysts said.
On Thursday, Germany dismissed Greece's request
(http://www.marketwatch.com/story/cracks-still-evident-as-germany-rebuffs-greek-extension-plan-2015-02-19)
to extend its bailout program, setting up a complicated round of
negotiations among eurozone governments. The euro (EURJPY) declined
against the yen to Yen134.86 from Yen135.17 late Thursday in New
York, according to EBS. The common currency also fell against the
Australian dollar (EURAUD) to A$1.4521 from A$1.4591.
Takashi Ito, strategist at Nomura Securities, said Japan's
earnings growth will likely accelerate in sectors that have been
doing well, including autos, machinery, robots, electronic parts
and steel. In addition, some firms in the domestic demand sector --
such as food and nondurable goods -- are starting to show
improvement, he said.
"It is easier to increase prices using a weak yen as an excuse.
Household incomes have also improved," he said, adding that some
firms offering value-added products are successfully raising
prices.
Japanese companies listed on the first section of the Tokyo
Stock Exchange logged a combined 5.1% on-year rise in net profit
for the nine-month period through December, according to SMBC Nikko
Securities.
Among individual stock moves, Japan Display Inc. rose 5.4% amid
speculation that the company will open a factory in Japan to supply
parts to Apple Inc. (AAPL) A person familiar with the matter said
Friday the company might build a factory to increase panel
production, and that Apple would cover much of the plant's
construction costs. Japan Display's rival Sharp Corp. lost 2%.
Australian waste management firm Transpacific Industries Group
Ltd. fell 11% after it announced a first-half loss and warned that
it doesn't expect any improvement in market conditions for the
remainder of the financial year.
Medibank Private Ltd. lost 3.5%, despite a rise in first-half
profit after it said rising health-care costs in Australia were
prompting customers to drop insurance policies.
Meridian Energy Ltd. gained 5.1% after the company said
electricity demand in January increased 4% from a year earlier.
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