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Robust US jobs data helps Asian markets move higher on Monday

06 Feb 2012 Evaluate

Stock markets in Asia largely exhibited optimistic trends on Monday’s trading session as sentiments got underpinned after the unexpectedly better than expected US jobs data dimmed the fears of recession in the world’s largest economy. Investors in the region added positions with conviction as US businesses accelerated hiring in January, creating jobs at the fastest rate in about nine months and signaling that worries over deep recession are making way for economic recovery. The economy created 243,000 net new jobs, which pulled down the unemployment rate to lowest levels since February 2009 to 8.3 percent. However, the outcome was still elusive over the long awaited Greece debt negotiations as the country's political leaders and its private-sector creditors scrambled to complete twin negotiations on an aid package and mammoth debt deal.

The benchmarks in Japan and Singapore remained top gainers as they traded with strong gains of over a percent on optimism that rising employment in the US will boost exports. However, the benchmark in Taiwan traded on a flat note with a negative bias as traders choose to take some profits off the table following the rally in Saturday's extra trading session, in which investors got the opportunity to react to US’ upbeat jobs data.

Shanghai Composite advanced 9.14 points or 0.39% to 2,339.54, Hang Seng climbed 130.79 points or 0.63% to 20,887.77, Jakarta Composite rose 2.61 points or 0.06% to 20,887.77, Nikkei 225 surged 113.11 points or 1.28% to 8,945.04, Straits Times soared 39.77 points or 1.36% to 2,957.72 and Seoul Composite gained 6.82 points or 0.35% to 1,979.16.

On the flipside, Taiwan Weighted eased 10.35 points or 0.13% to 7,730.89.

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