Asian shares track gains on Wall St

Bangkok: Asian shares were mostly higher on Monday after Wall Street ended last week with the stock market’s best day in over two months in a rally backed by the cooler-than-expected US employment data.

US futures edged higher and oil prices rose. The Japanese yen weakened slightly after its value swung from a low of 160.25 to the US dollar to 151.86 late last week following suspected government intervention. The dollar bought 153.93 yen, up from 152.90 yen. Japanese Finance Minister Shunichi Suzuki told a gathering at the Asian Development Bank’s annual meeting on Friday, held in Tiblisi, Georgia, that rapid fluctuations were hurting households and businesses. The euro rose to $1.0765 from $1.0763. A private sector survey on Monday showed the country’s services sector grew at a slower pace in April due to rising costs although new orders rose and business sentiment improved.

The Hang Seng in Hong Kong lost 0.2 per cent to 18,447.12 while the Shanghai Composite index rose 0.9 per cent to 3,133.92 as markets reopened after a weeklong holiday. Australia’s S&P/ASX 200 rose 0.5 per cent to 7,669.50. Taiwan’s Taiex gained 1.2 per cent. Japan and South Korea’s markets were closed for holidays.

On Friday, the S&P 500 rose 1.3 per cent to 5,127.79, its best day since late February. The benchmark index also erased its losses for the week. The Dow Jones Industrial Average rose 1.2 per cent to 38,675.68. The Nasdaq composite ended 2 per cent higher and closed at 16,156.33, reflecting strong gains by technology sector stocks, which accounted for much of the rally.

The nation’s employers added 175,000 jobs last month, down sharply from the blockbuster increase of 315,000 in March, according to the Labour Department. The latest hiring tally came in well below the 233,000 gain that economists had predicted.