Asian markets rose on Friday as bargain hunters moved in after the previous session’s heavy losses, with investors taking a lead from Wall Street and a positive batch of US data.
Traders work on the floor of the Hong Kong Stock Exchange. (AFP/Anthony Wallace)
HONG KONG: Asian markets rose on Friday as bargain hunters moved in after the previous session’s heavy losses, with investors taking a lead from Wall Street and a positive batch of US data.
The dollar held on to its recent gains after the head of the Federal Reserve on Wednesday hinted that US interest rates could be hiked early next year, sooner than analysts had expected.
Sydney climbed 0.83 per cent, or 44.1 points, to 5,338.1 and Seoul gained 0.80 per cent, or 15.42 points, to close at 1,934.94 while Shanghai surged 2.72 per cent, or 54.14 points, to 2,047.62 after big losses on Thursday. Hong Kong jumped 1.20 per cent, or 254.54 points, to 21,436.70.
Tokyo was closed for a public holiday.
Global markets skidded after Janet Yellen told a news conference that a rate rise could come “around six months” after the bank’s stimulus programme ends. Economists took that to mean an increase in borrowing costs in the first half of 2015. They had forecast a hike in the latter part of the year.
However, US shares enjoyed a bounce on Thursday from a string of upbeat data.
The Labor Department released figures showing initial claims for jobless benefits were lower than expected last week, while the Philadelphia Federal Reserve’s March manufacturing activity index beat forecasts.
In addition, the Conference Board’s leading economic index for February came in above expectations, while US existing home sales for February met expectations.
The Dow rose 0.67 per cent, the S&P 500 advanced 0.60 per cent and the Nasdaq added 0.27 per cent.
On forex markets, the dollar maintained its strength after rallying in response to Yellen’s remarks.
The euro fetched US$1.3771 against US$1.3779 in New York late Thursday, while the greenback also bought 102.11 yen compared with 102.42 yen. It had been sitting at US$1.3930 to the euro and 101.51 yen before the rate remarks.
The euro fetched 140.67 yen from 141.14 yen.
Oil prices slipped. New York’s main contract, West Texas Intermediate for May delivery, tumbled 17 cents to US$98.73 a barrel and Brent crude for May dipped two cents to US$106.43.
Gold fetched US$1,341.57 an ounce at 1108 GMT compared with US$1,325.28 late Thursday.
In other markets, Taipei slipped 0.23 per cent, or 20.16 points, to 8,577.17; Wellington fell 0.69 per cent, or 35.40 points, to 5,124.99; Manila shed 1.22 per cent, or 78.09 points, to 6,339.26; Kuala Lumpur rose 0.13 per cent, or 2.31 points, to 1,820.48; Jakarta closed flat, gaining 1.24 points to 4,700.22; Bangkok ended flat, edging down 0.97 points to 1,360.50; and Mumbai ended flat, rising 13.66 points to 21,753.75.
Source AFP
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