By Michael Kitchen
LOS ANGELES (MarketWatch) -- Asian markets moved solidly higher Monday, after U.S. job data released Friday weren't as bad as feared. Japanese equities led the rally, with tech exporters among the top beneficiaries of renewed economic hopes. In early afternoon trading, the Nikkei Stock Average (JP:NI225 9,301, +187.19, +2.05%) was up 1.6% and the broader Topix higher by 1.3%, with notable gainers including Toshiba Corp. (JP:6502 388.00, +4.00, +1.04%) (TOSYY 27.85, -0.15, -0.54%) , up 2.3%; Hitachi Ltd. (JP:6501 350.00, -3.00, -0.85%) (HIT 42.01, -0.15, -0.36%) , higher by 2.6%; and chip maker Elpida Memory Inc. (JP:6665 949.00, +31.00, +3.38%) (ELPDF 0.00, 0.00, 0.00%) spiking 8.2%. Hong Kong shares extended their recent gains, with the Hang Seng Index (HK:HSI 21,283, +311.10, +1.48%) rising 1.4%. Mainland Chinese metal shares were among the big advancers, with Aluminum Corp. of China Ltd., or Chalco (ACH 20.54, -0.11, -0.53%) (HK:2600 6.61, +0.28, +4.43%) (CN:601600 10.25, +0.19, +1.89%) rising 3.3%, and Angang Steel Co. (HK:347 12.32, +0.56, +4.76%) (ANGGF 1.49, +0.04, +2.76%) gaining 3.4%, also boosted by expectations China will continue to cut capacity in the sector. Elsewhere in Asia, the Shanghai Composite rose 1%, Sydney's S&P/ASX 200 was 0.5% higher, Seoul's Kospi (XX:KS11 1,780, +4.29, +0.24%) added 0.3%, and Wellington's NZSX 50 rose 1% despite New Zealand's massive earthquake Saturday. In early Mumbai trade, the Sensex (XX:SENSEX 18,470, +248.81, +1.37%) and S&P/CNX each gained 0.7%. |
