Asian stocks mixed, Tokyo surges

Written By Unknown on Selasa, 07 Mei 2013 | 20.47

ASIAN markets were mixed on Tuesday, with Tokyo soaring to its highest close in almost five years after a four-day holiday weekend but with other major bourses following Wall Street's uncertain lead.

Japan's Nikkei added 3.55 per cent, or 486.20 points, to 14,180.24 - its best finish since June 2008 - as investors caught up with several positive reports from last week, including favourable US jobs data and a European Central Bank (ECB) interest rate cut.

Seoul fell 0.36 per cent, or 7.13 points, to close at 1,954.35 and Sydney lost 0.24 per cent, or 12.5 points, to end at 5,143.7 after Australia's central bank cut interest rates to a record low of 2.75 per cent.

Hong Kong rose 0.58 per cent, or 132 points, to 23,047.09 while Shanghai edged up 0.20 per cent as investors opted to stay on the sidelines before the release of economic figures later this week.

The benchmark Shanghai Composite Index increased 4.40 points to 2,235.57.

Tokyo rocketed on its first day of trading following the Golden Week break, aided by a United States Labor Department report on Friday that said the US economy added 165,000 jobs in April.

The department also revised sharply upwards its jobs figures for the previous two months, helping to send the unemployment rate down to 7.5 per cent.

On Thursday the ECB cut its key rates to an all-time low of 0.50 per cent - a decision that came after Tokyo had closed for the holiday.

"Signs that the US economy is improving, as well as the ECB's rate cut, are most encouraging fundamentally," said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.

On the forex market on Tuesday the dollar was buying 99.09 yen, down from 99.31 in New York late on Monday but well above the 97-yen range in pre-holiday May 2 trading.

The euro was at $1.3080 from $1.3074. The single currency was also buying 129.64 yen from 129.87 yen in US trading.

Trading in Chinese shares was subdued before the release of trade data on Wednesday, followed by inflation and industrial output figures on Thursday.

Investors were also watching for further news on North Korea after US defence officials said it had moved two missiles from launch sites on the country's eastern coast.

US stocks closed mixed on Monday, with the broad-based S&P 500 edging up 0.19 per cent to a new all-time closing high of 1,617.50 while the Dow Jones Industrial Average was flat at 14,968.89.

In Europe on Tuesday, London and Frankfurt opened up 0.17 per cent while Paris was flat.

Oil was down in Asian trade, with New York's main contract, light sweet crude for delivery in June, dropping 66 cents to $95.56 a barrel in the afternoon. Brent North Sea crude for June delivery shed 58 cents to $104.88.

Gold was at $1,460.00 an ounce at 1030 GMT compared with $1,476.70 late on Monday.

In other markets:

- Wellington rose 0.55 per cent, or 25.50 points, to 4,621.73.

Fletcher Building was up 3.05 per cent at NZ$8.44 while Air New Zealand rose 0.34 per cent to NZ$1.495

- Taipei was flat, easing 5.99 points to 8,163.06.

HTC fell 0.36 per cent to Tw$279.5 while TSMC rose 0.9 per cent to Tw$112.5.

- Manila slid 0.34 per cent, or 24.53 points, to 7,146.12.

SM Investments Corp. slid 1.03 per cent to 1,150 pesos and Ayala Land Inc. eased 0.9 per cent to 32.10 pesos.

- Singapore rose 0.03 per cent, or 0.87 points, to close at 3,383.16.

Oversea-Chinese Banking Corp gained 0.92 per cent to Sg$10.95 while real estate developer Capitaland dropped 1.35 per cent to Sg$3.66.

- Jakarta rose 1.02 per cent, or 50.92 points, to 5,042.79.

Palm oil firm Sinar Mas Agro Resources and Technology jumped 6.25 per cent to 6,800 rupiah, while food manufacturer Indofood Sukses Makmur fell 1.35 per cent to 7,300.00 rupiah.

- Kuala Lumpur increased 1.41 per cent, or 24.71 points, to 1,776.73

Top Glove Corp. gained 2.2 per cent to 6.40 ringgit, while CIMB Group Holdings added 3.6 per cent to 8.65 ringgit. Petronas Chemicals Group fell 0.3 per cent to 6.58 ringgit.

- Bangkok rose 1.47 per cent, or 22.20 points, to 1,601.15.

Banpu shed 2.70 per cent or 9.00 baht to 324.00 baht, but PTT Plc rose 1.23 per cent or 4.00 baht to 330.00 baht.

- Mumbai rose 1.09 per cent, or 215.31 points, to a three-month high of 19,888.95.

India's mobile phone firm Bharti Airtel rose 3.14 per cent to 330.05 rupees while leading vehicle maker Tata Motors rose 2.58 per cent to 298.55 rupees.


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