Hang Seng breaks 30,000, leads Asian charge

• Story Highlights
• Hong Kong's Hang Seng index surpasses 30,000 for the first time
  
• Nikkei rebounds in world's No. s economy
  
• Analysts warn Hong Kong market to remain volatile due to China measures
  
• Markets across many Asian nations record jumps on Friday

BANGKOK, Thailand (AP) -- Most Asian markets rose Friday, with Hong Kong hitting its second straight record close and Japan getting a lift from Honda and Sony earnings.
Shares also rose in Australia, Indonesia, Malaysia, the Philippines, Singapore and Taiwan.
Hong Kong's Hang Seng index rose 1.8 percent to close above 30,000 for the first time as property companies rose on hopes of a cut in U.S. interest rates. The blue chip index finished the day at 30,405.22.
Also, the booming local economy will help boost wages, increasing the affordability of housing and lending support to property stocks, said Ernie Hon, a strategist at ICEA Securities, in a research note. Hong Kong's property subindex jumped 5 percent to 37,039.89.
Sino Land was the biggest blue chip gainer, soaring 12.6 percent. Henderson Land climbed 4.9 percent. Sun Hung Kai Properties rose 4 percent. Tycoon Li Ka-shing's property flagship Cheung Kong gained 5.2 percent.
However, traders said the local market is likely to remain volatile due to potential economic tightening measures in China.
China said Thursday its economy grew 11.5 percent in the latest quarter, slower than the 11.9 percent rate of the previous quarter, but still faster than authorities would like.
Investors in mainland Chinese stocks are also wary of any further tightening measures after the economic growth figures.
But Chinese shares still rose as the yuan's gains against the U.S. dollar boosted banks and property firms. The benchmark Shanghai Composite Index rose 0.5 percent to 5,589.63. The Shenzhen Composite Index rose 0.3 percent to 1,378.06.
"Some institutional investors bought these stocks because these companies' assets are largely yuan-denominated," said Zhang Gang, a strategist at Central China Securities.
Minsheng Bank jumped 4.7 percent, and China Merchants Banks rose 4 percent, while property firm China Vanke gained 4.9 percent, and Poly Real Estate Group rose 5.7 percent.
Meanwhile, Japanese stocks rose as investors responded enthusiastically to positive earnings from Honda and Sony.
The Nikkei 225 average added 1.36 percent to 16,505.63 points, rebounding from Thursday's 0.5-percent loss.
"While the market lacks cues, positive surprises by individual companies become the key to setting a direction," said Hiroaki Kuramochi, head of cash equities at Bear Stearns in Tokyo.
Honda Motor Co. surged 8.9 percent. The country's 2nd largest automaker said after the market closed Thursday its profit climbed 63 percent in the latest quarter on solid sales of fuel-efficient cars.
Sony Corp. jumped 8.8 percent after the company reported Thursday afternoon its net profit shot up more than 40 times from the same period a year ago.
Other gainers Friday included brokerage firms, which were cheered by Nomura Holdings' smaller-than-expected loss reported Thursday. Nomura Holdings Inc. shares rose 4.1 percent.
In currency dealings, the U.S. dollar was trading at 114.45 yen at 4:50 p.m. in Tokyo (0750 GMT), up from 114.06 yen late Thursday in New York. The euro rose to US$1.4359 from US$1.4319.
Elsewhere:
BANGKOK: Thailand's main stock index gained 0.1 percent to 894.57 in a hectic trading day. Gains in energy and banking blue chips pushed the SET index to an 11-year high at 911.60, but it quickly fell back as short-term investors cashed out.
JAKARTA: Indonesia benchmark index on the Jakarta Stock Exchange rose 1.1 percent to 2,624.43. Traders said the market is likely to consolidate Monday after recent sharp gains.
KUALA LUMPUR: The Kuala Lumpur Composite Index rose 1.5 percent to a record close of 1,398.35 on broad buying support by both local and foreign funds.
MANILA: Philippine shares advanced as investors snapped up bargain stocks ahead of third-quarter earnings results and an extended weekend. The 30-company Philippine Stock Exchange Index inched up 0.45 percent to 3,784.88.
SEOUL: South Korean shares rose sharply Friday to a two-week high on a late session surge in some technology stocks. The Korea Composite Stock Price Index rose 2.6 percent to ,028.06. The won hit its highest level in more than a decade against the U.S. dollar.
SINGAPORE: Banks and property companies lifted Singapore's benchmark index, with analysts predicting further gains next week on strong blue chip earnings. The Straits Times Index rose 1.7 percent to 3,771.55 points
SYDNEY: Surging commodity prices pushed resource stocks to big gains after a nervous week on the Australian share market. The benchmark S&P/ASX 200 rose 1.2 percent to 6,700.6
TAIPEI: Taiwan shares rose on expectations of good results by technology companies. The Weighted Price Index of the Taiwan Stock Exchange rose 0.66 percent to 9,631.51 points. Foreign investors were the main players.
WELLINGTON: New Zealand stocks fell as top stocks such as Contact Energy and Telecom weighed the index down. The benchmark NZX-50 index dropped 1 percent to 4,226.71.

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