Asian shares mostly up after Wall St. gains

A woman walks by an electronic stock board of a securities firm in Tokyo on Thursday, March 20, 2014. Asian markets mostly rose Monday, March 31, following a rally on Wall Street as attention turns to the release of key data from Japan and the United States later in the week. AP PHOTO/KOJI SASAHARA

HONG KONG—Asian markets mostly rose Monday following a rally on Wall Street as attention turns to the release of key data from Japan and the United States later in the week.

The yen eased slightly against the dollar in early currency deals in response to worse-than-expected Japanese industrial output figures that raise the possibility of further monetary easing by the country’s central bank.

Tokyo jumped 0.90 percent, or 131.80 points, to 14,827.83, Sydney climbed 0.52 percent, or 27.9 points, to 5,394.8 and Seoul added 0.23 percent, or 4.61 points, to 1,985.61.

Hong Kong rose 0.39 percent, or 85.53 points, to finish at 22,151.06, but Shanghai slipped 0.41 percent, or 8.41 points, to 2,033.31.

Investors were unmoved by news that North and South Korea had traded live artillery fire across their disputed maritime border Monday, forcing South Korean islanders to take shelter. The exchange came a day after the North drove up tensions by threatening a new nuclear test.

Regional investors took their lead from a positive finish to the week in the United States and Europe.

Wall Street rose after the Commerce Department said US consumer incomes and spending gained for a second straight month in February.

The Dow rose 0.36 percent, the S&P 500 added 0.46 percent and the Nasdaq gained 0.11 percent.

In Europe, London’s FTSE 100, the CAC 40 in Paris and the DAX 30 in Frankfurt jumped after the European Commission said March consumer and business sentiment rose for the 11th month in a row, hitting a 30-month high.

Focus turns to US, Japan data

Brad Gordon, investment adviser at Macquarie Equities in New Zealand, told Dow Jones Newswires that regional investors were given “a fairly positive lead from the US and European markets… Friday.”

In Japan on Monday, official data showed industrial output in February fell 2.3 percent month on month—the first fall in three months—following a 3.8 percent expansion in January.

Economists had widely predicted a 0.3 percent rise.

The data weighed on the yen as it could nudge the Bank of Japan towards widening its stimulus program that was put in place last year to kickstart the economy.

The dollar fetched 102.96 yen against 102.80 yen in New York Friday, while the euro bought $1.3758 and 141.65 yen compared with $1.3752 and 141.38 yen.

Traders are awaiting the release Tuesday of the Bank of Japan’s Tankan survey of Japanese business sentiment, while the US Labor Department will on Friday unveil closely watched non-farm payrolls data for March.

On oil markets, New York’s West Texas Intermediate for May delivery eased seven cents to $101.60 a barrel in early morning Asian trade, and Brent North Sea crude dipped 24 cents to $107.83.

Gold fetched $1,293.64 an ounce at 1150 GMT compared with $1,296.10 late Friday.

In other markets:

— Bangkok rose 0.54 percent, or 7.36 points, to 1,376.26.

Coal producer Banpu gained 3.70 percent to 28 baht, while department store owner Central Pattana added 3.30 percent to 47 baht.

— Kuala Lumpur’s main stock index ended flat at 1,849.21, losing just 1.52 points or 0.08 percent.

Telekom Malaysia fell 0.7 percent to 5.89 ringgit, while utility Tenaga Nasional shed 0.2 percent to 11.96. Malayan Banking gained 0.2 percent to 9.68 ringgit.

— Jakarta was closed for a public holiday.

— Mumbai’s benchmark share index rose 0.21 percent, or 46.30 points, to end at 22,386.27 points. The index rose to a record high of 22,467.21 points during the session.

Unitech surged 15.47 percent, or 1.88 rupees, to 14.03 rupees per share, while Suzlon Energy jumped 12.23 percent, or 1.21 rupees, to 11.10 rupees per share.

— Singapore rose 0.52 percent, or 16.45 points, to 3,188.62.

DBS bank climbed 0.56 percent to Sg$16.17 while oil rig maker Keppel Corp, rose 0.46 percent to Sg$10.89.

— Taipei rose 0.85 percent, or 74.64 points, to 8,849.28.

Taiwan Semiconductor Manufacturing Co. was 0.85 percent higher at Tw$118.5 while Uni-President Enterprise gained 1.92 percent to Tw$53.0.

— Wellington was flat, edging down 2.91 points to 5,139.98.

Air New Zealand added 2.25 percent to NZ$2.04 while Fletcher Building was down 1.14 percent at NZ$9.52.

— Manila closed 1.09 percent higher, adding 69.09 points to 6,428.71

Universal Robina rose 3.65 percent to 142 pesos, Ayala Land advanced 1.01 percent to 29.90 pesos and parent Ayala Corp. gained 2.21 percent to 578 pesos.