Asia shares rise on Wall Street rally, US jobs data

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HONG KONG: Asian markets gained on Monday, following a Wall Street rally on upbeat jobs data, while the dollar and euro held on to healthy gains made against the yen at the end of last week. Tokyo climbed 0.36 percent to a 33-month high, Hong Kong added 0.68 percent, Shanghai rose 0.50 percent, Seoul advanced 0.20 percent and Sydney was flat.

US traders sent the Dow to a more than five-year high Friday on the back of the latest jobs data.

The labour department report showed employers added 157,000 jobs in January, fewer than expected, and the jobless rate inched up to 7.9 percent.

However, revised data for all of 2012 showed net job growth at an average of 181,000 a month, up from a prior estimate of 153,000.

The Dow rallied 1.08 percent to 14,009.79, above 14,000 points for the first time since October 2007. The index is just shy of the record high 14,164.53 seen on October 9, 2007.

The broad-based S&P 500 added 1.01 percent and the Nasdaq jumped 1.18 percent.

"The economic momentum in the US is quite good," Khiem Do, head of Asian multi-asset at Baring Asset Management in Hong Kong, told Dow Jones Newswires

"The US is basking in good news at the moment because the debt negotiations have kicked the can down the road," he added, referring to a delay until May to negotiations on raising the country's debt ceiling.

And UniCredit's Harm Bandholz in the United States said the updates to the 2012 data "highlight even more how remarkably resilient the US labor market has been over the last two quarters".

The jobs figures sent the dollar and euro higher against the yen on Friday, and the units edged down slightly on profit-taking on Monday in Tokyo forex trade.

The dollar bought 92.76 yen against 92.80 yen in New York late Friday, while the euro sat at 126.35 yen and $1.3624, compared with 126.60 yen and $1.3637.

Oil prices fell, with New York's main contract, light sweet crude for delivery in March dropping 27 cents to $97.50 a barrel and Brent North Sea crude for March delivery shedding 30 cents to $116.46.

Courtesy: Business Recorder

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