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Asian stocks advance on recovery hopes
Optimism in the global economic recovery improved after China’s services industries grew in January at the fastest pace since August last month, while the U.S. added 157,000 jobs in January, improving the outlook for earnings among Asian exporters.
Wall Street hit a five-year high on Friday, with the Dow Jones closing above 14,000 for the first time since October 2007, after the nonfarm payrolls data and the ISM manufacturing which exceeded expectations rising to 53.1 in January.
Nikkei 225 rose 0.62% to 11260.35, rising for the fifth straight day to a fresh 33-month high, and Topix rose 1.39% to 955.75 as a weaker yen led exporters higher, including Panasonic and Sharp, as this boosts the value of overseas sales.
South Korea’s Kospi fell for the third straight session by 0.23% to 1953.21 as a stronger won and lackluster earnings reversed the early gains that followed Wall Street`s rally last week. Kia Motors dropped 2.5% on worries from the currency’s strength.
In Australia the S&P/ASX 200 fell 0.28% to 4907.52, also reversing the early gains following weaker-than-expected housing data and slow job advertising. Building approvals fell to -4.4% in Dec. from 3.4% in Nov. New Zealand’s NZX 50 rose 0.01% to 4246.40.
Hong Kong’s Hang Seng fell 0.16% to 23685.01, reversing the early gains as investors took profit. Meanwhile, China’s CSI 300 rose 0.17% to 2748.03 after services industries grew at the fastest pace since August.
Singapore`s FTSE Strait Times rose 0.32% to 3301.74. Philippine’s PSEi rose 1.86% to 6435.98. Thailand’s main index rose 0.47% to 1506.20. India’s BSE Sensex 30 index rose 0.19% to 19818.65.
Taiwan’s Taiex rose 0.86% to 7923.16. Indonesia’s Jakarta Comp fell 0.15% to 4474.90. Malaysia’s KLCI rose 0.25% to 1631.66.