Asian stocks were little changed in quiet holiday business on Friday with most bourses closed, while those that were open traded cautiously ahead of key US jobs data due later in the day, dealers said.
They said investors were largely squaring positions ahead of the long Easter holiday weekend, anxious that they not be caught out should the US employment report contain any unpleasant surprises.
US non-farm payrolls were expected to show a rise of about 135,000 for last month after a 97,000 gain in February, according to Wall Street forecasts.
US employers ramped up hiring in March, driving the unemployment rate down to 4.4 percent, matching a five-year low. It was a surprisingly strong performance in an economy that has otherwise shown signs of sluggishness recently.
The mostly positive snapshot of the US employment climate, released by the Labor Department on Friday, showed that companies ramped up hiring -- adding 180,000 people to payrolls -- and paid workers more. That came as good news for employees and jobseekers, and bodes well for the national economy, too, which is suffering a sluggish spell and a painful housing slump.
The stock markets in Hong Kong, Sydney, Singapore, Bangkok, Jakarta, Manila, Wellington and Mumbai were closed.
TAIPEI
Taiwanese share prices are expected to continue their upward momentum next week as foreign interest bolsters the market which broke the key 8,000-point level to reach its highest peak in almost seven years, dealers said on Wednesday.
However, profit taking was likely to emerge as unstable international crude oil prices remain a worry with investors concerned over how the UK will resolve its hostage crisis with Iran, they said.
Investors are also monitoring movements on Wall Street as US high tech stocks correlate with their counterparts here.
The market is expected to move between 7,900 points and 8,100 points next week, with the bourse closed on Thursday and Friday for the Tomb-Sweeping Festival holiday.
For the three trading days to Wednesday, the weighted index rose 120.20 points or 1.52 percent to 8,004.61 from the previous Friday session. Average daily turnover stood at NT$122.22 billion (US$3.69 billion), compared with NT$113.71 billion a week ago.
"The 8,000-point mark had not been seen since August 2000. Wednesday's strong showing is an encouraging sign to investors," Concord Securities Co (
"Foreign investors are likely to come up with further buying to focus on market laggards, such as flat panel display makers and financial shares," Lin said.
Lin said he expected the weighted index to challenge 8,250 points in the near future.
However, President Securities (
"It remains to be seen whether crude oil prices will stabilize or will fall further. Market sentiment may change very quickly amid such uncertainty," he said.
Lee said Wednesday's rally could be eroded by profit taking in the coming week, which would force the index to test the key 8,000-point level again.
TOKYO
Share prices closed flat as investors waited for the release of key US jobs data later in the day, dealers said.
They said that with many overseas markets closed for the weekend, investors in Tokyo were also taking a breather.
The Tokyo Stock Exchange's NIKKEI-225 index of leading shares fell 6.64 points to 17,484.78. The TOPIX index of all issues on the Tokyo Stock Exchange's first section shed 3.64 points or 0.21 percent to 1,717.08.
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