Stock market. ASIA STOCKS rose on positive U.S. lead

Asian stocks moved higher on Friday as positive political and economic news from the U.S. supported sentiment, while Hong Kong-listed Chinese companies were the best performers for the week. 

Asia received a strong lead from the U.S., where the Dow Jones Industrial Average closed above 16,000 points for the first time, after Janet Yellen moved one step closer to the top job at the Federal Reserve. 

The Senate Banking Committee voted to approve Yellen’s nomination to become Fed chairman next year. 

The overnight developments helped push the dollar higher against a number of regional currencies. The greenback added a total of 1.1% against the yen on Thursday to its highest level since early July and extended its run early Friday. 

Japan’s Nikkei Average gained 1.1%, helped by the dollar firming above the ¥101 mark. The market added to Thursday’s gains, when the benchmark index rose 1.9%, bucking broad weakness across Asian stocks. 

Sharp Corp. was one of the major movers in Tokyo, up 7.7%, after a Nikkei report that the LCD panel maker is set to begin production of small and mid-size panels to supply China’s ZTE Corp. 

Australia was the other market to record strong gains on Friday. The S&P/ASX 200 rose 0.9%, helped by energy and mining stocks. Aurora Oil & Gas rose 3.2%, and BHP Billiton added 0.5%. 

South Korea’s Kospi was up 0.6%, and Singapore’s Straits Times index fell 0.2%. 

Hong Kong stocks continued to push higher on Friday, while Shanghai moderated. The Hang Seng Index added 0.6%, and the Shanghai Composite was down 0.2%. 

Stocks in Hong Kong and Shanghai remained Asia’s best performers for the week. In Hong Kong, the Hang Seng China Enterprises Index was up 7.2% week-to-date, and the Shanghai Composite was up 3.1% in the mainland. Elsewhere in the region, Australia was down 1.2% so far this week, South Korea was flat, and the Nikkei Average was up 2.2%.

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