Sun, Apr 05, 2015 - Page 15 News List

Asian stocks see advance before US employment report

Bloomberg

Asian stocks advanced before the US payrolls report for last month.

The MSCI Emerging Markets Index climbed 0.4 percent, set for its biggest weekly gain in a year as South Korea’s KOSPI index rose. Chinese shares reversed early losses and futures on the Standard & Poor’s 500 Index were little changed.

Markets across Asia, the US and Europe were closed for holidays on Friday.

Futures show traders pushed back bets on US Federal Reserve interest-rate increases to the latest ever ahead of a report that was expected to show US employers slowed their rate of hiring last month.

Iran and world powers said they reached an outline accord over nuclear arms.

The Bloomberg gauge tracking the dollar against 10 of its most-traded peers retreated 1.6 percent since the Fed’s March 19 meeting, when the central bank cut its outlook for rates.

The emerging-markets stock index rose 4 percent this week, its biggest such advance since March last year, on the back of a four-day surge in Hong Kong-listed Chinese shares before the Easter holiday.

Construction companies led the KOSPI’s 0.6 percent gain in Seoul. Daelim Industrial Co jumped 4.2 percent and Sambu Construction Co surged 7 percent amid speculation that South Korean builders may win more orders from Iran, Shinyoung Securities analyst Park Sera said.

More than half of the 33 industry groups on Japan’s TOPIX advanced.

Equity markets in Australia, New Zealand, Hong Kong, India and Singapore were shut.

The Shanghai Composite Index climbed 0.3 percent after falling as much as 0.9 percent in early trade.

The gauge is up 86 percent since the end of June last year. China’s securities regulator approved 30 initial public offerings for this month.

Malaysia’s benchmark equity gauge was little changed and heading toward a third weekly gain.

Thai shares rose in Bangkok and Vietnam’s major gauge climbed 0.1 percent.

In other markets on Friday, Taipei, Mumbai, Wellington and Manila were closed for public holidays.

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