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Market Update

Asian Markets Outside Japan Rebound

Asian bourses outside Japan closed with modest gains Thursday as stocks bounced back from sharp losses in the previous session after upbeat U.S. jobs data lifted sentiment.

At close, theShanghai Composite was up 0.6%, the Hang Seng rallied 1.6% while the S&P/ASX All Ordinaries gained 1.1% too.

The S&P BSE Sensex scored 1.2% but Tokyo's Nikkei lagged behind, down 0.3% on account of a stronger yen.

Overnight, data released by Automatic Data Processing showed U.S. private sector jobs rose more than expected in June, while weekly jobless claims dropped to 343,000 from the previous week, according to a Labor Department report. That boosted confidence during the Asian session.

Among currencies, the safe-haven yen gained ground against the dollar amidst the ongoing unrest in Egypt. The USD/JPY pair was trading slightly below the 100-yen mark.

In commodities, oil ticked higher, closing above the key $100-level a barrel on the New York Mercantile exchange, amid concerns political instability in Egypt could disrupt oil supplies to the global markets.

Stocks on the Move

Resources stocks were broadly higher across the region.

In Hong Kong, Jiangxi Copper bounced 2.3%, Aluminum Corp. of China rose 2.6% while Angang Steel gained 1.1%. Gold miner Zijin Mining Group vaulted over 11%

Oil firm CNOOC rose 2.1%, China Petroleum & Chemical Corp. enhanced over 2% too while PetroChina added 1.8%..

Australian miner Fortescue Metals Group jumped 6.8% while BHP Billiton and Rio Tinto were up around 0.5% to 1.5%.

Energy player Linc Energy vaulted nearly 15% while Beach Energy climbed 5.3%.

Among other gainers in Sydney, troubled surfwear retailer Billabong International advanced more than 15% amid reports U.S. hedge funds Centrebridge Partners and Oaktree Capital Management have taken control of the company's debt.

Banks also notched higher, albeit with modest gains -- NAB and Westpac Banking Group added around 0.5% and 1% respectively while Commonwealth Bank finished flat.

Global banking giant HSBC Holding plc (Hong Kong) tacked on 1.6% while China Citic Bank improved 1.5%.

In Mumbai, defensive plays found some support. Among the top gainers, FMCG giant ITC scored 3.7%, telecom giant Bharti Airtel enhanced 2.4%, drug makers Sun Pharma and Dr. Reddys Lab enhanced around a percent each.

IT services exporters gained momentum as the rupee continued to trade around the 60-mark against the U.S. dollar on Wednesday.

Wipro added over 2%, Infosys climbed 2.3% and TCS gained 3.3% on the back of a depreciating rupee.

On the flipside, exporters in Tokyo were broadly lower. Nissan Motor Corp. erased 1.4%, Komatsu Ltd. lost 1.1% while Tokyo Electron Ltd. pulled back 1.6%.

Among other significant losers, Konami Corp. tumbled around 7%, Mitsubishi Materials lost around 1.5%, and Fujitsu Ltd. erased 1.5%.

In news, Dentsu Inc. announced plans to open a public share sale to raise funds to pay off a short-term debt owing to the takeover of Aegis. Shares of Dentsu plunged 9.2%.

Meanwhile, Softbank Corp.'s merger with U.S. based Sprint Nextel and Clearwire Corp won final approval from U.S. regulators on Wednesday. Shares of Softbank Corp. were ended down 1.6% despite the upbeat news.