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Asia Pacific stocks close:
Asian stocks rose, extending the benchmark gauge’s longest streak of weekly gains since 2005, after China cut reserve requirements for banks to fuel lending and buoy economic growth, boosting demand for riskier assets.
Nikkei 225 9,485.09 +100.92 +1.08%
Hang Seng 21,427.06 -64.56 -0.30%
S&P/ASX 200 4,256.1 +60.23 +1.44%
Shanghai Composite 2,363.6 +6.42 +0.27%
Japanese steelmakers rose after Credit Suisse raised their stock-price estimates and maintained their “outperform” ratings. The investment bank expects export prices to recover and input prices to fall.
Franshion Properties China Ltd., a developer that gets all of its revenue from the mainland, rose 7.4 percent in Hong Kong. China Shipping Container Lines Co., the country’s second-largest carrier of sea-cargo boxes, jumped 7.3 percent. Japanese steelmakers advanced after Credit Suisse Group AG boosted their share-price estimates.
Billabong International Ltd. , an Australian surfwear company, jumped 8 percent in Sydney, extending its surge on Feb. 17, after saying it is considering a revised takeover offer.
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