Asian markets mostly rose on Friday after the European Central Bank
(ECB) boosted emergency aid to Greece and eurozone chiefs agreed a
bridging loan to the country, while Hong Kong and Shanghai rallied as
fears over a renewed mainland rout eased.
Buying was also given a
bump by a record close on Wall Street, where investors were cheered by
upbeat earnings, the easing of the Greek crisis and a stabilisation of
China's markets after a month of plunges.
Tokyo rose 0.25% to 20 650.92, marking a five-day winning streak.
Shanghai jumped 3.51% to 3 957.35 - the index has now risen for two straight weeks, clawing back some of the huge losses suffered in just under a month after hitting a June 12 peak. However, it is still down more than 23%.
Hong Kong ended 1.00% higher, adding 252.49 points to 25 415.27. Sydney closed flat, adding just 0.5 of a point to end the week at 5 670.1 but Seoul dipped 0.53% to 2 076.79.
The ECB increased its lifeline to Greece, meaning the country's lenders can open on Monday for the first time in three weeks, while its head, Mario Draghi, threw his weight behind IMF calls for debt relief for Athens.
The European Commission, the bloc's executive arm, also agreed in theory to grant Greece a three-month €7.0bn bridging loan to keep its economy afloat until its new bailout is ratified.
And eurozone ministers agreed to start bailout talks, hours after MPs in Athens gave the OK to tough reforms demanded by creditors."All of this uncertainty will require the ECB to maintain super-easy policies for even longer than was the case already," said Kit Juckes of Societe Generale.
Tokyo rose 0.25% to 20 650.92, marking a five-day winning streak.
Shanghai jumped 3.51% to 3 957.35 - the index has now risen for two straight weeks, clawing back some of the huge losses suffered in just under a month after hitting a June 12 peak. However, it is still down more than 23%.
Hong Kong ended 1.00% higher, adding 252.49 points to 25 415.27. Sydney closed flat, adding just 0.5 of a point to end the week at 5 670.1 but Seoul dipped 0.53% to 2 076.79.
The ECB increased its lifeline to Greece, meaning the country's lenders can open on Monday for the first time in three weeks, while its head, Mario Draghi, threw his weight behind IMF calls for debt relief for Athens.
The European Commission, the bloc's executive arm, also agreed in theory to grant Greece a three-month €7.0bn bridging loan to keep its economy afloat until its new bailout is ratified.
And eurozone ministers agreed to start bailout talks, hours after MPs in Athens gave the OK to tough reforms demanded by creditors."All of this uncertainty will require the ECB to maintain super-easy policies for even longer than was the case already," said Kit Juckes of Societe Generale.
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