Asian shares rose last Friday, with South Korean stocks hitting a 6-month high after the country averted recession in the first quarter, as a Wall Street rally boosted risk demand around the region and dented the yen. Many financial centers were closed for a long weekend, making investors nervous that gains made may not be sustained next week when many major US companies report quarterly earnings. The Nikkei hit a three-month closing high for the second day in a row, though off the day’s peak reached above the psychologically key 9,000 level, as banks tumbled after Sumitomo Mitsui Financial Group warned of a net loss for the financial year just ended, reviving fears for other megabanks.
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