Japan, US data lift sentiment

Asian stocks mostly rose on yesterday Monday April 4 after the US said unemployment hit a two-year low last month, while Japanese traders were lifted by a weaker yen.



However, optimism on Tokyo’s Nikkei was subdued by ongoing concerns over the effects of last month’s quake-tsunami and resulting nuclear crisis.



TOKYO added 0.11 percent, or 10.50 points, to 9,718.89 while SYDNEY ended 0.51 percent, or 25 points, higher at 4,886.8.



MUMBAI shares rose 1.45 percent with the benchmark 30-share Sensex Index closing up 281.34 points to 19,701.73, a near three-month high.



SEOUL closed 0.24 percent, or 5.14 points, lower at 2,115.87 on profit-taking after rising for seven straight sessions to hit a record high on Friday.



SHANGHAI and TAIPEI were closed for a public holiday.



The US Labour Department said on Friday that 216,000 non-farm jobs were created last month, a fourth straight gain, while unemployment fell to 8.8 percent.



The jobless rate has fallen one percentage point since November and is at its lowest since March 2009.



Traders welcomed the data, which suggest the world’s biggest economy has finally turned the corner to recovery after it was hammered by the global financial crisis.



“Although the next US monetary policy meeting is a few weeks away, with the end of QE2 in June fast approaching, markets are beginning to more seriously consider the Fed’s next move,” ANZ Bank said in a note to clients.



“One thing seems certain, and that’s that the excess liquidity created by almost infinitely loose monetary policy will not last forever,” it said, according to Dow Jones Newswires.



HONG KONG: Shares ended higher in brisk trade yesterday, supported largely by financial firms.

Bourse operator Hong Kong Exchanges and Clearing Ltd was the best performing local blue chip, rising 5.3 percent to HK$180.90.

“This is a sign of investors’ confidence in the Hang Seng Index,” said Mark To, a Wing Fung Financial Group analyst.

The benchmark Hang Seng Index gained 348.68 points to 24,150.58, a level not seen since January 20 this year.



SINGAPORE: Most Southeast Asian stock markets gained yesterday, led by energy and financials, as risk appetite grew after strong job growth in the US and investors bought because of optimism about quarterly results.

In Singapore, the Straits Times Index closed 0.65 percent, or 20.15 points, higher at 3,140.62.

Singapore Airlines was 0.87 percent lower at S$13.64 and Singapore Telecommunications advanced 0.66 percent to S$3.05.



KUALA LAMPUR: Share prices on Bursa Malaysia consolidated in rangebound trading yesterday. Advancing counters outnumbered declining counters by 486 to 370.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index rebounded from its intra-day low of 1,553.82 to its intra-day high of 1,565.04 yesterday. It closed at 1,555.48 points, a gain of 0.10 poin, or 0.01 percent.



In other markets:



* Manila rose 1.93 percent, or 79.89 points, to 4,209.43.



* Jakarta fell 0.20 percent, or 7.44 points, to 3,700.04.



* Bangkok closed up 1.34 percent, or 14.31 points, at 1,078.66.



* Mumbai’s Sensex Index closed up 281.34 points to 19,701.73.



VIETNAM: The VN Index lost another 1.92 points or 0.42 percent to 457.25 pts and the HNX Index tumbled 0.95 points or 1.04 percent to 90.1 pts.



EUROPE: European stock markets were steady yesterday as major cross-border takeover activity provided support, notably Vivendi’s purchase of Vodafone’s stake in French mobile phone operator SFR for ?7.75 billion.



“The newsflow coming from the M&A front is very welcome. We’ve been expecting it for a while, so it’s a very good start for the quarter,” said David Thebault, head of quantitative sales trading, at Global Equities in Paris.



In late morning trade, London’s benchmark FTSE 100 index was up 0.18 percent to 6,009.67 points, the Paris CAC 40 dipped 0.10 percent to 4,050.75 points and Frankfurt’s DAX 30 edged up 0.08 percent to 7,186.01.



Later in the week, investors will turn their focus on the ECB’s decision on interest rates, due on Thursday.



Societe Generale strategists see the expected rate hike as supportive for European equities, as it should boost the euro currency and tame inflation fears.



AMERICA: A light trading day on Wall Street closed with slight gains for major stock indexes.



With oil prices reaching a 30-month high of $108 a barrel, some investors are waiting for Alcoa Inc. to report its first quarter earnings next Monday, the unofficial start of the earnings season, before making any big moves. Traders are hoping to see how rising gas prices and other commodity costs are affecting corporate profits.



The Dow Jones industrial average rose 23.31 points, or 0.2 percent, to 12,400.03. The S&P 500 index gained less than a point to 1,332.87.



Materials companies gained 0.7 percent, the most of any of the 10 company groups that make up the S&P 500 index, as commodity prices increased. Futures contracts for corn, wheat, and sugar each rose more than 2 percent.



The Nasdaq composite lost less than a point to 2,789.19.



In company news, Pfizer, the world’s largest drugmaker, said it would it sell its Capsugel unit to an affiliate of private equity firm Kohlberg Kravis Roberts for $2.4 billion in cash. Capsugel makes capsules for oral medicines and dietary supplements. Pfizer rose less than 1 percent.



Southwest Airlines Co. fell nearly 2 percent as the company continued to inspect its planes after the fuselage of one jet ripped open Friday, forcing it to make an emergency landing. Southwest grounded 79 planes after the incident and canceled about 700 flights over the weekend. The company said it expected to cancel an additional 70 flights on Monday.



Ford Motor Co. rose 2.6 percent. The company’s sales rose 16 percent in March, in part because of the success of its new Explorer crossover vehicle. A Credit Suisse analyst upgraded the automaker, citing an improved balance sheet.



Vivus rose nearly 7 percent after the drug developer said patients taking its diet pill Qnexa over two years saw reductions in blood pressure in addition to significant weight loss.



Rising and falling shares were about even on the New York Stock Exchange. Consolidated volume came to 3.3 billion shares.

Benchmark Currency Rates

        USD     EUR     JPY     GBP     CHF     CAD     AUD     HKD

HKD     7.7743  11.0492 0.0922  12.5396 8.4183  8.0431  8.0471  -

AUD     0.9661  1.3731  0.0115  1.5583  1.0461  0.9995  -       0.1243

CAD     0.9666  1.3737  0.0115  1.5590  1.0466  -       1.0005  0.1243

CHF     0.9235  1.3125  0.0110  1.4896  -       0.9554  0.9559  0.1188

GBP     0.6200  0.8811  0.0074  -       0.6713  0.6414  0.6417  0.0797

JPY     84.2955 119.804 -       135.964 91.2783 87.2101 87.2526 10.8428

EUR     0.7036  -       0.0083  1.1349  0.7619  0.7279  0.7283  0.0905

USD     -       1.4212  0.0119  1.6130  1.0828  1.0346  1.0351  0.1286

                                                              Bloomberg

Tags: Vietnam stock news

Posted by VBN on Apr 5 2011. Filed under Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry