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Asian shares mixed as positive data boost trading sentiment
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Asian shares were mixed yesterday following positive economic data from the United States and China, with investors awaiting the outcome of a Beijing meeting with major economic reforms in focus.
Trading sentiment was buoyed by strong US jobs figures and by healthy industrial production figures out of China — further evidence of a steady recovery from a slowdown earlier in the year.
Tokyo ended up 1.3 percent, or 183.04 points, at 14,269.84, Sydney closed 0.25 percent off, or 13.6 points, at 5,387.1 and Seoul lost 0.38 percent, or 7.57 points, to 1,977.3.
Hong Kong closed up 1.43 percent, or 325.46 points, at 23,069.85 after staging a late-afternoon rally.
In the Philippines, which is reeling from the aftermath of super typhoon Haiyan, which smashed into the archipelago on Friday, the Manila market lost 1.42 percent after slumping 2.4 percent earlier in the day.
Authorities fear more than 10,000 people may have been killed.
On Friday, the Dow Jones Industrial Average ended up 1.08 percent at a fresh record of 15,761.78. It was lifted by figures which showed the world’s biggest economy added 204,000 jobs in October, double what analysts forecast.
The positive figures, despite a 16-day partial federal government shutdown last month, are another sign of economic improvement.
Investors are wary that a US recovery could encourage the Federal Reserve to decide to cut its US$85-billion-a-month asset purchase programme, which has flooded international markets with extra cash, by the end of the year.
But SMBC Nikko Securities general manager of equities Hiroichi Nishi said: “Equity sentiment remains generally strong globally — enough to resist the fear of Fed tapering for now.”
China’s industrial output grew by 10.3 percent annually in October. The data came as a meeting began on Saturday in Beijing to chart the direction of the economy for the next decade.
Analysts have played down the prospect of detailed measures, since such gatherings tend to unveil general principles rather than concrete policies.
“What the market fears the most is uncertainty, and with unknown policy changes afoot, perhaps even including the speeding up of approvals of IPOs, many investors have decided to stay out of the market,” said Deng Wenyuan, an analyst at Soochow Securities.
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