Asian equity markets ended mostly higher on Monday after fluctuating in early trade, in response to a shockingly weak US employment report as well as a disappointing report on the non-manufacturing sector. Data from the Labor Department showed that US employment edged up by just 38,000 jobs in May compared to economist estimates for an increase of about 158,000 jobs, reflecting the smallest increase in employment in more than five years. The job gains in March and April were also downwardly revised to 186,000 and 123,000, respectively, reflecting a net downward revision of 59,000 jobs. A separate report from the Institute for Supply Management showed that growth in US service sector activity slowed by much more than expected in May. Hong Kong shares reversed earlier losses and ended slightly higher on Monday, supported by gains in energy and materials shares as oil and metal prices rose. Chinese stocks closed a tad lower ahead of a flurry of data due this week and the upcoming Dragon Boat Festival holidays. Japanese shares hit four-week low as the dollar slid to a one-month low against the yen on the back of weaker-than-expected US jobs data, adding pressure on the outlook for Japanese exporters. Markets in South Korea remained closed for Memorial Day.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,934.10 | -4.58 | -0.16 |
Hang Seng | 21,030.22 | 82.98 | 0.40 |
Jakarta Composite | 4,896.02 | 42.10 | 0.87 |
KLSE Composite | 1,648.99 | 12.53 | 0.77 |
Nikkei 225 | 16,580.03 | -62.20 | -0.37 |
Straits Times | 2,831.28 | 22.05 | 0.78 |
KOSPI Composite | - | - | - |
Taiwan Weighted | 8,597.11 | 5.54 | 0.06 |
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