Asian stocks mostly higher, focus on US jobs data

FE Team | Published: November 09, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

HONG KONG, Nov 8 (AFP): Asian markets were mixed Friday following another record close on Wall Street, while the Nikkei resumed its surge as a brief rally by the yen fizzled out.
Traders were also buoyed by comments from the head of the European Central Bank that it was ready to widen its stimulus programme to support the eurozone economy.
Tokyo rose 0.52 per cent a day after easing for the first time this week on profit-taking. The index has soared more than 10 per cent since last Wednesday, helped by the Bank of Japan's surprise announcement that it will widen its own monetary base. The Nikkei added 87.90 points to finish at 16,880.38.
Seoul added 0.18 per cent, or 3.39 points, to 1,939.87 and Sydney added 0.78 per cent, or 43.0 points, to close at 5,549.1.
Shanghai fell 0.32 per cent, or 7.69 points, to 2,418.17 and Hong Kong slipped 0.42 per cent, or 99.07 points, to 23,550.24.
US shares extended their recent advance ahead of the release later Friday of closely watched October jobs data, with expectations for a healthy gain.
The Dow climbed 0.40 per cent and the S&P 500 gained 0.38 per cent, both to new highs, while the Nasdaq added 0.38 per cent.
Analysts said support was also provided by comments from ECB president Mario Draghi signalling it was ready to introduce fresh measures to counter deflation and boost growth in the ailing eurozone.
"Should it become necessary to further address risks of too prolonged a period of low inflation, the governing council is unanimous in its commitment to using additional unconventional instruments within its mandate," Draghi said after the bank's latest policy meeting.
The news put downward pressure on the euro, which hit a more than two-year low against the dollar.
The single currency was at $1.2388, against $1.2371 in New York, where it fell below $1.2400 for the first time since August 2012.
It was also at 142.75 yen compared with 142.47 yen, but sharply down from the 143.20 yen earlier Thursday in Tokyo.
The dollar resumed its upward trend against the yen after a brief dip Thursday. It bought 115.26 yen Friday, up from 115.16 yen in New York Thursday afternoon. The yen's plunge has sent Japanese shares, particularly exporters, higher.
Yutaka Miura, senior technical analyst at Mizuho Securities, said: "The Bank of Japan's aggressive quantitative easing... is likely to continue to influence the market via currency level fluctuations -- mostly to the upside.
"It's likely that the fallout effect will continue through mid-December, keeping stock prices relatively well-supported," Miura told Dow Jones Newswires.
On oil markets, US benchmark West Texas Intermediate for December delivery, dropped 36 cents to $77.55 while Brent crude for December eased 52 cents to $82.34 in afternoon trade.
Gold was at $1,144.92 an ounce, compared with $1,144.41 late Thursday.
Mumbai fell 0.17 per cent or 47.25 points to end at 27,868.63. Bharat Heavy Electricals slid 3.21 per cent to 249.10 rupees, while Dr Reddy's Laboratories climbed 4.51 per cent to 3,400.00 rupees.
Kuala Lumpur lost 7.79 points, or 0.43 per cent, to close at 1,824.19. AMMB Holdings fell 1.06 per cent to 6.51 ringgit, while Public Bank shed 0.55 per cent to 18.24.
Bangkok shed 0.25 per cent or 2.40 points to finish at 1,578.37. Bangkok Bank lost 0.25 per cent or 0.50 baht to 199.50 baht, but energy giant PTT Plc gained 2.62 per cent or 10.00 baht to 391.00.
Jakarta closed down 0.93 per cent, or 46.81 points, at 4,987.42. Bank Negara Indonesia rose 1.33 per cent to 5,725 rupiah, while state miner Aneka Tambang fell 1.06 per cent to 935 rupiah.
Singapore slipped 0.14 per cent, or 4.57 points, to 3,286.39. United Overseas Bank fell 0.85 per cent to Sg$23.30 while agribusiness company WIlmar International gained 1.27 per cent to Sg$3.19.
Taipei added 0.24 per cent, or 21.60 points, to 8,912.62. Smartphone maker HTC rose 0.37 per cent to Tw$137.0 while Taiwan Semiconductor Manufacturing Co. fell 0.76 per cent to Tw$131.0.
Wellington rose 0.28 per cent, or 15.38 points, to 5,418.99. Genesis Energy added 3.8 per cent to NZ$2.21 and Meridian Energy gained 3.3 per cent to NZ$1.72, while Trade Me lifted 0.50 per cent to NZ$4.00.
Manila ended down 0.43 per cent, or 30.91 points, at 7,205.72. Bloombery Resorts plunged 7.74 per cent to 14.30 pesos and Philippine Long Distance Telephone gained 0.75 per cent to 2,942 pesos.