Asian shares mostly up, weak US data cap gains
HONG KONG—Asian shares mostly rose Monday on the back of lingering optimism over the recovery in the global economy but the advances were capped by US data that came in below expectations.
Tokyo rose 0.12 percent, or 12.16 points, to 10,141.99, their highest since last year’s quake-tsunami disaster, while Sydney added 0.34 percent, or 14.6 points, to close at 4,290.8.
Seoul ended 0.62 percent higher, adding 12.56 points to 2,047.00 and Shanghai added 0.23 percent, or 5.44 points, to 2,410.18.
But Hong Kong fell 0.95 percent, or 202.56 points, to 21,115.29, a second successive loss after recent strong gains.
Global investors have grown bullish in recent weeks after Greece agreed a debt write-down with private creditors qualifying it for a bailout while the US has also provided weeks of good news that point to a brighter future.
“It seems traders are becoming more bullish with every week that passes,” said Justin Harper, markets strategist at IG Markets in Singapore.
“With a total eurozone meltdown in the rearview mirror and a US economic recovery gaining traction, there is plenty to be positive about,” he said in a note to clients, according to Dow Jones Newswires.
However, a batch of data out of the United States on Friday kept traders in check Monday.
Consumer prices picked up in February, but almost entirely due to surging petrol prices as food prices were flat, and the core consumer price index rose just 0.1 percent – slower than in January.
The Federal Reserve also said industrial output was flat in February, following a 0.4 percent rise in January.
And the University of Michigan index of consumer confidence fell slightly, after analysts had forecast a rise.
The dollar bought 83.10 yen, against 83.45 yen late Friday in New York, while the euro briefly topped 110 yen in early trade – for the first time since October – as traders slowly move away from the safe haven unit.
In early European trade it bought 109.30 yen, compared with 109.96 yen in New York.
The single currency was also at $1.3158 from $1.3175.
On oil markets crude prices fell after posting strong gains at the end of last week.
New York’s main contract, West Texas Intermediate crude for delivery in April, fell 14 cents to $106.92 per barrel while Brent North Sea crude for May settlement was down 63 cents at $125.18.
Gold was at $1,653.64 an ounce at 1040 GMT, compared with $1,648.90 late Friday.
In other markets:
— Singapore closed down 0.68 percent, or 20.59 points, at 2,990.09.
Commodities firm Olam International was down 1.28 percent at Sg$2.32 while oil rig maker Keppel Corp. shed 1.18 percent to Sg$10.87.
— Taipei fell 0.14 percent, or 11.02 points, to 8,043.92.
Hon Hai Precision was 0.48 percent lower at Tw$104.0 while Taiwan Semiconductor Manufacturing Co. gained 3.21 percent at Tw$83.7.
— Manila closed 0.36 percent, or 18.89 points, lower at 5,127.00.
Philippine Long Distance Telephone Co. shed 1.7 percent to close at 2,688 pesos while DMCI Holdings shed 1.0 percent at 54.45 pesos.
— Wellington fell 0.54 percent, or 19.05 points, to 3,485.97.
Fletcher Building was down 1.6 percent at NZ$6.78, Telecom shed 0.4 percent to NZ$2.45 and Sky City was 1.8 percent lower at NZ$3.91. Air New Zealand gave up 1.7 percent to end at NZ$0.87.
— Kuala Lumpur added 0.14 percent, or 2.20 points, to 1,573.60
Malayan Banking fell 1.0 percent to 8.72 ringgit, Hong Leong Financial Group lost 0.7 percent to 11.88 ringgit and Petronas Chemicals Group shed 0.3 percent to 6.74. Bumi Armada gained 3.9 percent to 4.28 ringgit.
— Jakarta was flat, edging down 3.80 points to 4,024.73.
Car maker Astra fell 0.7 percent 70,500 rupiah, cigarette maker Garam dropped 2.9 percent to 52,900 rupiah, coal producer Bukit Asam rose 2.2 percent to 20,550 rupiah.
— Bangkok was flat, nudging 0.06 points down to 1,189.50.
Banpu lost 1.63 percent to 602 baht while Bangkok Bank rose 2.43 percent to 190 baht.
— In Mumbai shares fell 192.83 points, or 1.10 percent, to 17,273.37, its third straight day of losses.
