Asia: Marts climb after record Wall St close

Business Times

HONG KONG: Asian markets advanced yesterday, taking a strong lead from a record close on Wall Street, while a weaker yen helped Tokyo add to the previous day’s healthy gains.

The dollar sat at more than five-and-a-half-year lows against the pound after a strong set of manufacturing figures out of Britain.

Investors are also eyeing the release of closely watched United States jobs figures today that will provide fresh clues about the strength of the recovery in the world’s top economy.

Tokyo rose 0.29 per cent, or 43.77 points, to 15,369.97, Sydney added 1.48 per cent, or 79.5 points, to 5,455.4 and Seoul put on 0.81 per cent, or 16.28 points, to close at 2,015.28.

Shanghai ended 0.44 per cent, or 9.04 points, higher at 2,059.42. In New York, the Dow rose 0.77 per cent on Tuesday and the S&P 500 added 0.67 per cent — both ending at all-time highs. The Nasdaq surged 1.14 per cent.

“Upcoming US jobs data should help to reinforce hopes that the US economic recovery remains on track,” Mizuho Securities senior technical analyst Yutaka Miura told Dow Jones Newswires.

In other markets:

q Taipei rose 0.46 per cent to 9,484.96. Taiwan Semiconductor Manufacturing Co gained 3.52 per cent to T$132.5, while Hon Hai Precision Industry closed 0.98 per cent higher at T$103.0.

q Wellington was marginally higher, adding 3.12 points to 5,149.39. Chorus edged up 0.58 per cent to NZ$1.735 and Fletcher Building ticked 0.23 per cent higher to NZ$8.77.

q Manila ended up 0.35 per cent at 6,850.60. Ayala Corp rose 1.47 per cent to 9.50 pesos, Alliance Global added 0.51 per cent to 29.35 pesos, and Bank of the Philippine Islands rose 1.85 per cent to 93.50 pesos.

q Mumbai surged 1.27 per cent to 25,841.21 points. Adani Ports gained 10.98 per cent to 270.90 rupees, while Castrol India rose 8.94 per cent to 361.20 rupees.

q Bangkok added 0.41 per cent to 1,491.81. Bangkok Bank gained 3.37 per cent to 199.50 baht, while convenience store operator CP All lost 3.12 per cent to 46.50 baht.

q Jakarta added 0.48 per cent to 4,908.27. Property firm Ciputra Development gained 3.21 per cent to 965 rupiah, while miner Aneka Tambang slipped 0.91 per cent to 1,090 rupiah. AFP