Asian Stocks Rise as U.S. Jobs, Metal Gains Bolster OutlookBy
Japan’s Topix gauge closes at a two-year high as yen weakens
Indonesia’s benchmark reverses gain after economy disappoints
Asian equities rose on Monday, with the benchmark gauge trading close to a 10-year high touched last week, after stronger-than-expected U.S. hiring data and rising metal prices boosted confidence in the global economic outlook.
The MSCI Asia Pacific Index advanced 0.4 percent to 161.12 as of 4:04 p.m. in Hong Kong as materials and technology stocks led gains. Steel futures rose by a daily limit in Shanghai and iron jumped as investors reckoned looming output curbs in the top producer’s main hub will further tighten a squeeze on supply.
"Just as the optimism appeared to be waning, markets have once again been jostled up by the positive jobs data in U.S.," said Jingyi Pan, a market strategist at IG Asia Pte in Singapore.
Japan’s Topix index closed at the highest level in almost two years as the yen weakened. Toyota Motor Corp., Asia’s largest automaker, jumped 2 percent after raising its full-year profit forecast. Hong Kong stocks extended gains into a fifth week.
- Topix +0.5%, Nikkei 225 +0.5%
- Hang Seng Index +0.5%, Hang Seng China Enterprises Index +0.5%
- Kospi +0.1%, Kospi 200 Index +0.2%
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- Shanghai Composite Index +0.5%, Taiwan’s Taiex Index +0.7%
- Australia’s S&P/ASX 200 Index +0.9%, New Zealand’s NZX 50 +0.3%
- Straits Times Index -0.2%, FTSE Bursa Malaysia KLCI Index +0.2%, Philippine Stock Exchange PSEi Index +0.8%, Vietnam’s VN Index +0.6%
- Jakarta Composite Index -0.5%
- India’s Nifty Index +0.1%, Sensex Index little changed