HONG KONG (Thomson Financial) - (Updated with closing figures throughout)
Asian stocks were mostly higher Monday, with Australia and Shanghai tracking
gains on Wall Street on Friday as a better-than-expected U.S. jobs report
boosted optimism that the world's largest economy is recovering and has dodged a
dreaded recession.
Hong Kong's benchmarks pulled back as investors locked in gains after
Friday's rally.
Wall Street on Friday was higher after the latest non-farm payroll data
showed 20,000 jobs were lost in April, much less than the expected loss of
75,000 jobs.
"The big global banks successfully raising money and improving their capital
position has certainly led to an improvement in sentiment but we're still
wrestling with a slowing U.S. economy," said Justin Gallagher, head of sales
trading at ABN Amro.
"We haven't seen any huge blowups, which I think has changed the view a
little, but there's still an air of caution in the market -- there's no doubt
about that," he said.
Australian shares closed higher led by resources stocks following a rebound
in commodity prices on Friday.
The S&P/ASX 200 closed up 0.5 percent at 5,730.3 and the All Ordinaries
ended up 0.7 percent at 5,797.7.
Index leader BHP Billiton added 1.6 percent to A$44.12 while Rio Tinto
gained 0.5 percent to A$138.95.
Crude oil prices rose on Friday after three days of declines with investors
encouraged by the better-than-expected jobs report. Australian oil and gas
sector leader Woodside Petroleum added 3.9 percent to A$59.22.
Oil stocks in Hong Kong and Shanghai were also higher.
PetroChina gained 0.2 percent to HK$12.10 in Hong Kong and was up 0.6
percent at 18.17 yuan in Shanghai.
CNOOC Ltd rose 1.05 percent at HK$13.5 in Hong Kong.
The Hang Seng index closed down 0.22 percent at 26,183.95, with the market
seen entering a consolidation phase after gaining nearly 15 pct over the last
five weeks.
The Shanghai Composite index rose 1.8 percent to 3,761.01.
Markets in South Korea and Japan are closed for the holidays.
Singapore's Straits Times Index closed up 0.4 percent at 3,248.04, while
Malaysia's composite index closed up 0.3 percent at 1,274.61, helped by the
rebound in palm oil stocks.
The Jakarta index ended up 1.9 percent at 2,387.99.
Philippine shares were firmer led by market heavyweights Philippine Long
Distance Telephone Co. (PLDT) and Globe Telecom Inc. on hopes that their
quarterly results, due out this week, will show sustained healthy growth.
The market's upturn also mirrored easing concerns about the U.S. economy.
The Philippine composite index closed up 1.1 percent at 2,752.93.
PLDT rose 2.4 percent to 2,610 pesos. The country's biggest company by
market value will release its first-quarter results on Tuesday.
Globe, which will release its numbers not later than Wednesday, advanced 0.8
percent to 1,325 pesos.
India's Sensex provisionally closed down 0.68 percent at 17480.28.
The weighted index closed down 1.41 percent at 8,837.07, as a weaker Taiwan
dollar hit financial and other asset-backed stocks.
Cathay Financial Holdings led the financial sector lower as its insurance
unit's embedded value growth also fell short of market expectations.
Cathay Financial plunged 5.57 percent to 81.40.
Many investors were on the sidelines waiting for Ma Ying-jeou to take over
as Taiwan's president on May 20 and turn his campaign promises of better
relations with China into concrete initiatives.
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