HONG KONG: Asian markets' upward trend since the start of the year continued on Friday as optimism was boosted by a fresh set of upbeat US data and positive news from the eurozone. Improving risk sentiment also supported the euro against the yen but strong oil prices, which hit four-year highs in New York, tempered gains. Tokyo added 0.72 percent, or 69.66 points, to end at 9,777.03, Sydney rose 0.41 percent, or 17.6 points, to 4,273.1 and Seoul added 0.22 percent, or 4.38 points, to 2,034.63. Hong Kong gained 0.81 percent, or 174.30 points, to close at 21,562.26 and Shanghai jumped 1.43 percent, or 34.58 points, to 2,460.69. In Europe ministers agreed measures linked to a Greek debt restructuring and the beleaguered country is expected to be given the all clear for its second bailout next week. The move came at a two-way summit where leaders are discussing measures to promote long-term growth and jobs in the region. Investors around the world have also been encouraged by a committee's crucial ruling that Greece was not in default on its bonds in the 107 billion euro ($142 billion) write-off deal. A default ruling would have triggered the payment of credit default swaps, insurance on the debt, which could have tanked Athens' entire 237 billion euro second bailout. Adding to positive sentiment was news from the US Labor Department that new claims for unemployment insurance, a key indicator of the pace of layoffs, fell slightly last week. Claims have been trending downward since the middle of last year and are now at levels last seen in March 2008, while in January, the unemployment rate fell for the fifth straight month, to 8.3 percent, the lowest since February 2009. A recent series of positive employment reports has led some analysts to predict the jobless rate will fall again when the Labor Department releases its February job report on March 9. "There's definitely a bit of relief out there," said Sydney-based CBA Institutional Equities head of sales trading, Justin Rooney, referring to the US data and receding European debt worries. However, Rooney said "the oil price is becoming a bit of a handbrake for the market", according to Dow Jones Newswires. On oil markets New York's main contract, West Texas Intermediate crude for delivery in April, fell 57 cents to $108.27 per barrel while Brent North Sea crude for April was down $1.06 to $125.56 14. Prices had surged overnight on an Iranian media report about a pipeline fire in Saudi Arabia, which sent Brent to its highest level since July 2008 -- when they were retreating from their record highs. However, Saudi officials later issued a statement denying the report, which eased costs slightly. Prices have also been lifted by the upbeat outlook for the US economy, while easing European debt woes are also providing support. However, the increased cost of the black gold has led to caution among some dealers due to inflation fears. On currency markets the euro fetched $1.3244 and 108.11 yen in Tokyo afternoon trade, compared with $1.3311 and 107.97 yen in New York. The dollar was changing hands at 81.60 yen against 81.10 yen in New York. Gold was at $1,715.10 an ounce at 1030 GMT, compared with $1,717.20 late Thursday. In other markets: -- Singapore closed 0.49 percent, or 14.65 points, higher at 2,993.49. Singapore Telecom rose 0.64 percent to Sg$3.15 and DBS Group Holdings advanced 0.35 percent to Sg$14.23. -- Manila surged 1.57 percent, or 77.69 points, to 5,016.30. The index closed at a new record high above the psychological 5,000-point level. Ron Rodrigo of DBP-Daiwa Securities told Dow Jones Newswires there were expectations that the Philippines may soon get a credit rating upgrade. This helped sustain positive sentiment, he said, a day after the central bank trimmed its key interest rates. Alliance Global added 1.18 percent to 11.98 pesos, Philippine Long Distance Telephone rose 0.63 percent to 2,868 pesos and Metro Pacific Investments gained 2.54 percent to 3.63 pesos. -- Taipei rose 0.32 percent, or 25.70 points, to 8,144.04 Chunghwa Telecom was 0.44 percent higher at Tw$92.2 while Taiwan Semiconductor Manufacturing Co fell 0.12 percent to Tw$80.0. -- Wellington rose 1.35 percent, or 44.95 points, to 3,375.81. SkyCity rose 1.8 percent to NZ$3.87, its highest level since May 2008, Telecom added 1.6 percent to NZ$2.19 and Chorus was 1.8 percent up at NZ$3.36. -- Kuala Lumpur added 0.66 percent, or 10.33 points, to 1,583.78. Financial firm CIMB Group rose 2.23 percent to 7.33 ringgit, while Petronas Chemicals gained 2.22 percent to 6.90 ringgit. Hard-disk drive maker JCY International lost 0.81 percent to 1.22 ringgit. -- Jakarta advanced 1.07 percent, or 42.58 points, to 4,004.87. Cement maker Semen Gresik rose 2.2 percent to 11,450 rupiah, while consumer goods producer Unilever Indonesia gained 3.2 percent to 19,250 rupiah and car maker Astra International was 0.5 percent higher at 70,000 rupiah. -- Bangkok was flat, edging up 0.17 points to 1,165.15. Banpu gained 1.23 percent to 656.00 baht, while Siam Cement dropped 0.56 percent to 357.00 baht. -- Mumbai shares rose 52.3 points or 0.30 percent to 17,636.8.

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