SYDNEY, NSW, Australia - China's main stock markets opened up on Friday for the first time in a week due to a national holiday.
The benchmark Shanghai Composite was only modestly higher, contending with a recent global rally, but offset by a sell-off of property developers in the shadow of the China Evergrande dilemma, and regulatory reform which has hampered a number of leading sectors and companies in recent months.
"The debate on China is shifting a bit away from being very negative. People are asking 'Is there a way beyond the regulatory uncertainty? How much of this is reflected in prices?'," asked Herald van der Linde, Asia Pacific head of equity strategy at HSBC.
"We're neutral, we tell people not to be too negative because valuations are low," Van der Linde told Reuters news agency Friday.
In Tokyo, the Nikkei 225 rose 370.73 points or 1.34 percent to 28,048.94.
The Australian All Ordinaries advanced 66.10 points or 0.88 percent to 7,617.30.
China's Shanghai Composite was up 24.00 points or 0.67 percent at 3,592.17.
The Hang Seng in Hong Kong closed 136.12 points or 0.55 percent higher at 24,837.85.
On foreign exchange markets, the U.D. dollar nudged higher. The euro softened to 1.1549 around the Sydney close Friday. The British pound was little changed at 1.3606. The Japanese yen slipped to 111.91. The Swiss franc eased to 0.9298.
The Canadian dollar was a tad weaker at 1.2550. The Australian dollar dipped to 0.7300. The New Zealand dollar softened to 0.6930.
Overnight on Wall Street, the Nasdaq Composite led the charge in the U.S., rising 152.10 points or 1.05 percent to 14,654.02.
The Dow Jones rallied 337.95 points or 0.93 percent to 34,754.94.
The Standard and Poor's 500 added 36.21 points or 0.83 percent to 4,399.76.