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Asian Shares Rise After Morning Losses

Asian Shares Rise After Morning LossesAsian Shares Rise After Morning Losses

Asian markets mostly rose Friday ahead of a key US jobs report, while Hong Kong reversed morning losses as the financial hub’s leaders prepare to meet pro-democracy protestors who have closed parts of the city for the past week.

The dollar ticked up against the yen after sinking on Thursday from a six-year high above 110 yen while the euro pared initial gains that came after the European Central Bank refrained from further easing monetary policy, AFP reported.

Hong Kong, which had been closed for two consecutive public holidays, ended 0.64 percent, or 147.49 points, higher at 23,080.47 after opening more than one percent lower Friday. However, it is still well down for the week after losing more than three percent over Monday and Tuesday.

Tokyo ended a see-saw day 0.30 percent higher, adding 46.66 points to 15,708.65, Sydney rose 0.39 percent, or 20.50 points, to 5,318.2.

Shanghai, Mumbai and Seoul were closed for holidays.

As the demonstrations in Hong Kong moved into a sixth day its Chief Executive Leung Chun-ying refused demands to resign and held out the hope of compromise by saying he will talk to protest leaders.

With shares having lost around 10 percent since hitting their 2014 high at the start of September investors took the opportunity to pick up some bargains.

 In Other Markets

Japan’s Nikkei pared initial losses as the yen weakened slightly against the dollar.

The greenback -- which broke 110 yen Wednesday for the first time in more than six years -- fetched 108.85 yen Friday, against 108.42 yen in New York. In early Tokyo trade the euro bought $1.2640 and 137.56 yen against $1.2667 and 137.34 yen.

Oil prices were up. US benchmark West Texas Intermediate (WTI) for November delivery rose 21 cents to $91.22, while Brent crude for November gained 11 cents to $93.53 in afternoon trade.

Gold was at $1,207.74 an ounce against $1,213.50 late Thursday.Taipei climbed 1.46 percent, or 131.09 points, to 9,106.28.  Taiwan Semiconductor Manufacturing Co. rose 2.89 percent to Tw$124.5 while smartphone maker HTC was 2.33 percent higher at Tw$131.1.

Wellington shed 0.16 percent, or 8.24 points, to 5,236.99.

Air New Zealand was down 1.27 percent at NZ$1.94 and Fletcher Building slipped 0.80 percent to NZ$8.66.

Manila ended up 0.71 percent, or 50.77 points, at 7,247.03.

Philippine Long Distance Telephone rose 0.13 percent to 3,044 pesos, DMCI Holdings gained 2.6 percent to 79 pesos while Universal Robina fell 0.05 percent to 182 pesos.

 

Financialtribune.com