Asian stock markets were mostly higher on Friday after strong US jobs figures stoked hopes that the recovery in the world’s No. 1 economy is back on track.
Investors began the day on a bright note after encouraging US employment data from payrolls firm ADP, which said private non-farm businesses added 157,000 jobs last month, a solid jump after the weak 36,000 increase from April to May. However, Asian markets closed before the US Labor Department reported that unemployment was up to 9.2 percent and that only 18,000 jobs were created last month, triggering a sell-off in the US.
Tokyo closed 0.66 percent higher, adding 66.59 points to 10,137.73 and Sydney closed 1.07 percent, or 49.2 points higher at 4,654.7.
Hong Kong finished 0.87 percent, higher adding 196.25 points to 22,726.43, and Shanghai rose 0.13 percent, or 3.51 points, to 2,797.77.
Seoul was virtually unchanged, edging down 0.24 points to 2,180.53.
Taiwan’s benchmark TAIEX closed lower on Friday as the bellwether electronics sector continued its downturn amid lingering concerns over global demand for the second half of this year, dealers said. Investors moved some of their funds to old economy sectors, however, keeping the broader market from falling further, they said. The weighted index fell 23.87 points, or 0.27 percent, to 8,749.55, after moving between 8,740.00 and 8,839.14, on turnover of NT$131.59 billion (US$4.55 billion). The TAIEX gained 0.1 percent for the week. Pressure focusing on the high-tech sector ensued as smartphone maker HTC Corp extended losses from the previous session, and cautious sentiment over the general market outlook also adversely affected other electronics issues, dealers said.
“The falling high-tech sector made it unlikely for the index to hold itself well above the 8,800 point mark,” Horizon Securities (宏遠證券) analyst Benson Huang (黃重善) said. “Technical resistance ahead of that level remained strong.”
Huang said he suspected foreign institutional investors remained on the sell side on fears of weakening global demand.
In other markets on Friday:
Manila rose 0.36 percent, or 15.61 points, from Thursday to 4,391.46.
Wellington closed 0.16 percent, or 4.42 points, lower from Thursday at 3,456.14.
Mumbai fell 1.15 percent from Thursday, as investors unwound positions ahead of the weekend, dragged down by mining and metal stocks.
The benchmark 30-share SENSEX ended down 220.26 points to 18,858.04. The world’s largest coal miner, Coal India, fell 8.18 percent, or 32.25 rupees, to 362 rupees.
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