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Asian equities rally on Upbeat US data

02 Mar 2012 Evaluate

Stock indices in Asia rallied on last trading day of the week tracking positive global cues. Positive readings for US jobless claims and upbeat sales for US retailers on Thursday helped the regional mood though some investors remained cautious after yesterday’s oil price spike and soft US manufacturing data. Crude oil futures jumped to a fresh nine-month high of $110.55 a barrel on reports that an explosion destroyed an oil pipeline in Saudi Arabia. Nymex April oil futures were recently down 23 cents at $108.62 a barrel.

Meanwhile, Chinese benchmark Shanghai Composite ended up 1.40 percent, supported by banks and developers after China’s bank regulator said state-backed banks will lend more to qualified developers and speed up loan approvals to boost private sector housing. Moreover, Japanese Nikkei average hit a fresh seven-month closing high on Friday after a European Central Bank (ECB) liquidity operation this week underpinned market sentiment, but it failed to hold above 9,800 for a third day as market players warned of a correction.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,460.69

34.58

1.43

Hang Seng

21,562.26

174.30

0.81

Jakarta Composite

4,004.87

42.58

1.07

KLSE Composite

1,583.78

10.33

0.66

Nikkei 225

9,777.03

69.66

0.72

Straits Times

2,993.49

14.65

0.49

Seoul Composite

2,034.63

4.38

0.22

Taiwan Weighted

8,114.04

25.70

0.32

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