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By Rafael Nam
HONG KONG, April 11 (Reuters) - Asian stocks rose on
Friday, with Japan's Nikkei up more than 2 percent, led by chip
makers on expectations a slump in the sector may soon end,
while oil prices retreated after testing a record high above
$112 a barrel.
The euro inched higher against the dollar, but stayed well
off its all-time peak hit on Thursday after European Central
Bank President Jean-Claude Trichet expressed concerns about
excessive volatility in foreign exchange markets.
[]
After a rally since late March, Asian shares have suffered
this week amid revived concerns about a global financial crisis
and a weakening U.S. economy, though there have been bright
spots such as in technology shares.
"The latest moves by chipmakers are raising hopes that
perhaps the memory chip market downturn has hit bottom and will
gradually get better from here," said Suh Do-won, an analyst at
Hanwha Securities in Seoul.
"Oversupply concern still weighs heavily on memory
chipmakers, but investors are hungry for the slightest good
news and they are quickly responding to it," he added.
The MSCI's measure of Asian stocks outside Japan
<.MIAPJ0000PUS> rose 0.4 percent as of 0231 GMT.
The index is little changed for the week, pausing in a
rally that saw it gain 10 percent over the previous two weeks.
Japan's Nikkei average <> gained 2.1 percent, lifted
by technology shares such as Advantest Corp <6857.T>, the
world's largest maker of microchip testers.
Chip makers in Wall Street had gained overnight after Banc
of America Securities upgraded the U.S. semiconductor sector,
saying a modest inventory buildup has eased, and predicting a
bottom for the sector could be near. []
Asian chip makers such as Hynix Semiconductor Inc
<000660.KS> had already rallied on Thursday following
announcements including from Japan's Elpida Memory Inc <6665.T>
that it would raise prices for some of its memory chips.
Shares in South Korea <>, Taiwan <>, Shanghai
<>, Hong Kong <> and Singapore <.FTSTI> were up less
than 1 percent each.
But Australian shares <> fell 0.7 percent in part as
easing prices in oil and metals pressured resource firms.
EURO NEAR RECORD
The euro stood steady at $1.5763 <EUR=>, after hitting an
all-time high of $1.5915 against the dollar the previous day.
The euro gave up gains after Trichet's comments about the
volatility in foreign exchange markets.
The ECB held rates steady at 4.00 percent on Thursday, as
widely expected, in contrast to the United States which is
expected to further cut interest rates.
Japanese government bonds fell, tracking a slide in
Treasuries overnight and weighed on by the rise in share
markets. The benchmark 10-year JGB yield <JP10YTN=JBTC> rose 4
basis points to 1.370 percent.
Oil prices retreated from an all-time peak hit on
Wednesday, while gold steadied after commodities rallied this
week on the back of the weakening dollar and global inflation
fears.
U.S. crude futures <CLc1> fell 49 cents to $109.62 a barrel
a day after top exporter Saudi Arabia insisted markets were
amply supplied despite falling U.S. inventories.
[]
Prices of oil had shot up to a record $112.21 a barrel on
Wednesday after U.S. government data showed a surprise drop in
crude oil and fuel supplies.
Gold <XAU=> steadied at $925.30/926.10 an ounce on Friday,
a day after jumping to its highest level since March 31 at
$939.40.
(Editing by Lincoln Feast)
