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Shares in Asia staged a mild rally to finish the week broadly in the green on Friday, with individual companies rather than sectors leading the way. The carry trade continued to gain favor among investors, as the yen slid to 110.38 vs. the dollar, the currency's lowest level in two weeks.

Value stocks led the region's gains, as the Taiwanese Taiex rose 140 points, or 1.7%, to 8586, while the South Korean Kospi jumped 28 points, or 1.51%, to 8586. In Japan, the Nikkei climbed 167 points, or 1.08%, to 15,680. Industrial and steel stocks lifted the indices, while exporters were mixed.

Kobe Steel


surged 6%, to 820 yen, while


(NTDOY) - Get Nintendo Co. Ltd ADR Report

jumped 2.91%, to 67,200 yen, but


(SNE) - Get Sony Corp. Report



(CAJ) - Get Canon Inc. American Depositary Shares Report




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all declined between 0.5% and 1.13%.

Unemployment data released today were in line with expectations, at 4%, continuing to rise from a low of 3.6% reached in July. Inflation rose at its fastest rate so far this year, increasing 0.3% on the year in October, above 0.1% expected by analysts, mostly because of surging food and energy prices.

In Hong Kong, the Hang Seng ended the day 161 points higher, up 0.6%, at 28,643, but in China the Shanghai Composite Index bucked the bullish trend, slumping 131 points, or 2.6%, to 4871.

"Right now, it's some of the laggards

outside China that look attractive -- it's what to be wary of rather than what's cheap," says Hugh Young, managing director of $54 billion Aberdeen Asset Management Asia in Singapore.

"We're very wary of China, and by and large we say that it's a bubble waiting to burst. When companies are trading at 60 times earnings, it's not the place to put your money," adds Young.

Chinese "A" shares fell broadly, dominated by losses in commodity stocks as the price of oil fell to $90.95 vs. yesterday's price of $91, by the end of Asian trading.

Shares in


(PTR) - Get PetroChina Company Limited Report

dived 4.6%, to a new 52-week low of 31.52 yuan, while

Sinopec Shanghai Petrochemical

( SHL) dipped 1.6%, to 15.26 yuan, and

Aluminum Corp of China

(ACH) - Get Aluminum Corporation of China Limited American Depositary Shares Report

tumbled 4.9%, to 36.99 yuan.

In Hong Kong stocks,

China Unicom

(CHU) - Get China Unicom (Hong Kong) Ltd. Report

surged 7.5%, to HK$18.08, finishing as one of the island's biggest gainers. Among other telecoms,

China Netcom

(CN) - Get Xtrackers MSCI All China Equity ETF Report

jumped 1.84%, to HK$24.90, while

China Mobile

(CHL) - Get China Mobile Ltd. Report

rose just 0.21%, to HK$140, and

China Telecom

(CHA) - Get China Telecom Corp. Ltd. Report

slipped 1%, to HK$6.2.

Property stocks found favor with investors for the second day running, on hopes of a U.S. interest rate cut in December.

Sun Hung Kai Properties



Cheung Kong Holdings


added 1.7%, to HK$10.60, and HK$146, respectively, while

Hutchison Whampoa


leapt 2.4%, to HK$92.20.

"Property prices are doing very well -- they are the best-performing among the Hong Kong markets this week, having moved 17%," says Winner Lee, an associate director of BNP Paribas in Hong Kong. "Investors have been putting money away in banks, and now they are buying properties."

Lower fuel prices cheered investors of

Cathay Pacific


, which jumped 2.3%, to HK$20.45. After selling off nearly 20% in November, as the price of fuel declined this week Hong Kong's leading air carrier gained popularity among Chinese bargain hunters.

Still, Lee says that stocks in Hong Kong continue to appear "relatively expensive" to foreign investors right now, and that markets may continue to consolidate. She points out that curtails by the Chinese government on money laundering between China and Hong Kong are trapping liquidity on the mainland right now, too.

"Some banks in Shenzhen are now trying to stop people from drawing Hong Kong dollars, because people have been 'backpacking' the currency through to Hong Kong and engaging in investment activities," says Lee.

Financials in Hong Kong were flat but in negative territory, with

China Life Insurance

(LFC) - Get China Life Insurance Company Limited American Depositary Shares Report

off 0.12%, to HK$42.40, and

HSBC Holdings


down 0.15%, to HK$132.

Daniel M. Harrison is a business journalist specialising in European and emerging markets, in particular Asia. He has an MBA from BI, Norway and a blog at

. He lives in New York.