US jobs data lift Asian stocks

Asian stocks ended higher yesterday after better-than-expected jobs data from the United States suggested the world’s biggest economy was not as weak as feared.
Markets had been on edge ahead of the figures, which many had seen as a litmus test for the US outlook amid concerns of a double-dip recession.
The Labor Department said Friday that the economy lost 54,000 jobs last month, a better figure than the 120,000 loss expected by economists, although the unemployment rate rose to 9.6 percent, its highest since May.
It also revealed that the private sector created 67,000 jobs, much better than expected.
The upbeat numbers sent Asian shares higher. Tokyo jumped 2.05 percent, or 187.19 points, to 9,301.32, its best single-day gains since the end of July.
Sydney rose 0.76 percent, or 34.3 points, to 4,575.3.
Hong Kong closed 1.83 percent, or 384.27 points, higher at 21,355.77 while Shanghai added 1.54 percent, or 40.86 points, to end at 2,696.25.
The Dow rose 1.24 percent Friday after the release of the figures.
“The US employment data... was better than expected, which is strengthening the view that the [growth] worries were a bit overdone,” Lee Sun-yup, at Shinhan Investment in South Korea, told Dow Jones Newswires.
The data led to more risk-taking on forex markets, with the euro hitting its highest against the dollar since August 18.
The European unit was changing hands at 1.2905 dollars from 1.2895 in New York Friday, while it fetched 108.75 yen, slightly down from 108.81.
The dollar was flat at 84.34 yen in Tokyo afternoon trade.
The jobs data ended a good week for the US economy after an earlier index showed a much better-than-forecast improvement in manufacturing.
Global markets have been sluggish in recent weeks after the US Federal Reserve downgraded its outlook for growth and suggested recovery would take longer than originally thought.
Oil was down in the afternoon in Asia, with New York’s main contract, light sweet crude for delivery in October, shedding 23 cents to 74.37 dollars a barrel.
Brent North Sea crude for October delivery fell 17 cents to 76.50 dollars.
Gold ended at 1,249.00-1,250.00 dollars an ounce in Hong Kong, down from Friday’s closing price of 1,251.60-1,252.60 dollars.

In other markets:

• Singapore closed 1.07 percent, or 32.02 points, higher at 3,034.58.
Flag carrier Singapore Airlines rose 2.56 percent to 16 Singapore dollars and Singapore Telecom was 0.32 percent up at 3.11 dollars.
• Seoul closed 0.70 percent, or 12.40 points, up at 1,792.42.
• Taipei rose 0.78 percent, or 60.74 points, to 7,890.95.
Ruentex Industries was 5.18 percent higher at 101.5 Taiwan dollars while Wintek Corp, a leading touch screen supplier, closed up 7.0 percent at 49.2.
• Jakarta rose 1.67 percent, or 52.87 points, to 3,217.14.
• Kuala Lumpur closed flat, edging down 0.99 points to 1,434.68.
Leading bank CIMB added 1.40 percent to 8.0ringgit, low-cost airline AirAsia gained 1.10 percent to 1.84 and palm oil giant IOI Corp lost 0.60 percent to 5.35.
• Manila rose 0.25 percent, or 9.31 points, to 3,744.01.
Aboitiz Power surged 4.3 percent to 20.65 pesos, Metropolitan Bank added 0.1 percent to 69.00 and Philippine National Bank rose 3.6 to 43.80.
• Wellington ended 1.15 percent, or 35.71 points, higher at 3,143.14.
Construction companies led the gains, with investors buying up stocks that would likely benefit from rebuilding work after a 7.1 magnitude earthquake hit Christchurch on Saturday.
Fletcher Building surged 5.0 percent to 8.14 New Zealand dollars while steel products maker Steel & Tube added 7.7 percent to 2.37.
But financial services company Tower shed 3.1 percent to 1.85 on expectations insurance claims arising from the quake could cost the company five million dollars.
• Bangkok climbed 0.17 percent, or 1.62 points, to close at 931.52.
PTT gained 11.00 baht to 302.00 baht while Banpu lost 4.00 baht to 630.00.
• Mumbai closed 1.86 percent, or 338.62 points, higher at 18,560.05.
The benchmark index closed at its highest level since February 2008.
Tata Steel rose 6.6 percent to 575.6 rupees while the country’s largest private lender ICICI Bank was up 3.81 percent at 1,037.7. (AFP)