HONG KONG : Gains on Wall Street after better-than-expected US jobs data helped boost Asian markets Monday, with receding fears over Greek debt also encouraging risk appetite.
Investors across the region had their first chance to react to Friday's US Labor Department report showing the unemployment rate holding steady at 9.7 percent in February despite adverse winter conditions.
"Although the US unemployment numbers were still weak, they were better than expected, providing a psychological boost," to the region's markets, Peter Lai, director at DBS Vickers, told Dow Jones Newswires.
In Tokyo the Nikkei-225 jumped 2.09 percent, or 216.96 points to a six week high of 10,585.92, buoyed by the US data, a weaker yen and expectations the Bank of Japan will expand deflation-fighting measures when it meets next week.
Exporters gained as the safe-haven yen weakened on the US news, making their overseas earnings more profitable when repatriated. Sony jumped 2.8 percent, Canon added 2.3 percent and Toyota advanced 3.5 percent.
Hong Kong powered ahead by 1.97 percent, or 408.9 points, to close at 21,196.87.
Shanghai was up 0.73 percent, or 22.17 points at 3,053.23, led by developers and mining firms as China pledged at its National Party Congress to maintain "moderately" loose economic policy to support growth, dealers said.
Developers China Vanke rose 0.3 percent and Poly Real Estate increased 1.6 percent.
Apprehensive investors have eyed the key parliamentary session in China for policy clues, as the world's third-largest economy looks to rein in lending and eventually manage a delicate transition from huge stimulus measures.
Sydney rose 0.85 percent or 40.7 points to 4,807.9. Resource stocks led gains after a 2.96 billion US dollar bid by Royal Dutch Shell and PetroChina to jointly take over coal seam gas company Arrow Energy Ltd was announced.
The news sent Arrow's shares rocketing some 47 percent.
"We are seeing some strong signs of confidence filtering through the market," IG Markets analyst Chris Weston said.
Confidence across the region was boosted by the US jobs data and easing worries about Greece's debt woes, and investors seeking more risk sold the safe-haven dollar, which was mixed against other major currencies.
The euro rose to 1.3674 dollars in Tokyo afternoon trade, up from 1.3621 in New York late on Friday, and to 123.67 yen from 123.00.
The dollar was at 90.44 yen -- off a high of 90.68 -- compared with 90.28 in New York.
The euro was well supported after Greece's parliament on Friday approved a new package of tough tax hikes and spending cuts to tackle the country's debt crisis, which has dented the single European currency.
"The euro was bought back because the European Commission is to approve next week Greece's measures to cut its public debt," said Mizuho Corporate Bank market economist Daisuke Karakama.
French President Nicolas Sarkozy said Sunday that European governments were ready to help Greece pull itself out of its financial crisis if necessary.
The French president said governments of the 16-nation eurozone were working on a "certain number of specific measures" to address Greece's debt crisis but did not provide details.
On Friday US shares surged 1.17 percent after the Labor Department said the United States lost 36,000 jobs in February and the unemployment rate held at 9.7 percent despite adverse winter conditions.
Most economists had forecast about 67,000 job losses and a 9.8 percent unemployment rate, a closely watched gauge for the fragile economic recovery.
Oil moved higher, with New York's main contract, light sweet crude for delivery in April, up 46 cents to 81.96 dollars a barrel.
London's Brent North Sea crude for April was up 48 cents to 80.37 dollars.
Hong Kong gold closed higher at 1,136.00-1,137.00 US dollars an ounce, up from Friday's close of 1,134.00-1,135.00 dollars.
In other markets:
-- Seoul closed up 1.56 percent, or 25.47 points at 1,660.04.
-- Singapore closed up 1.59 percent or 44.28 points at 2,834.57
Mobile vehicle firm Jardine Cycle and Carriage jumped 78 cents to 26.30 while Singapore Airlines fell 28 cents to 15.62.
-- Jakarta added 1.85 percent, or 47.67 points to 2,626.45.
-- Taipei closed up 1.25 percent or 96.01 points to 7,762.27.
Touch panel maker Wintek rose 6.97 percent to 26.10 (82 US cents) and Cheng Uei Precision gained 4.36 percent to 62.30.
-- Malaysia's Kuala Lumpur Composite Index gained 1.88 percent, or 24.44 points to close at a two-year high of 1,324.22.
Dealers said market sentiment was boosted after Malaysia's central bank last week raised its key interest rate for the first time in almost four years as the economy emerges from recession.
Leading bank CIMB rose 2.90 percent to 14.12 ringgit, lender AMMB was up 3.10 percent to 4.95 while low-cost carrier AirAsia lost 2.80 percent to 1.39.
-- Bangkok lost 0.51 percent or 3.67 points to 720.29.
Banpu fell 4 baht to close at 570. PTT Plc rose 4 baht to 235.00.
-- Manila closed up 0.83 percent, or 25.35 points to 3,094.98.
SM Investments Corp. was up 1.4 percent to 367.50 pesos while Megaworld Corp. rose 1.51 percent to 1.34 pesos.
-- Wellington rose 0.25 percent, or 8.17 points to 3,222.82.
The central bank's review of the local official interest rate due on Thursday prompted investors to stay on the sidelines, said analysts.
-- Mumbai rose 0.64 percent, or 108.11 points to 17,102.6.
India's largest private bank ICICI Bank rose 20.95 rupees or 2.32 percent to 922.75 while passenger carmaker Maruti Suzuki India rose 1.39 percent or 20.3 rupees to 1477.45.
Copyright AFP (Agence France-Presse), 2010
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