Japanese stocks soared Monday as the yen’s slide helped the market stand tall, even while some other Asian equities suffered from a cocktail of worries over the spread of bird flu in China, downbeat U.S. jobs data and North Korea’s aggression.
In Japan, the Nikkei 225 index ballooned 358.95 points, or 1.8%, to close Monday at 13,192.59
Hong Kong’s Hang Seng Index notched back 8.85 points, or 0.04%, to 21,718.05
Elsewhere in the region, China Airlines Ltd. dropped 6% and Eva Airways Corp. slumped 6.8% in Taipei, Qantas Airways Ltd. fell 1.4% in Sydney, and Korean Air Lines Co. declined 2% in Seoul.
But in Hong Kong, airlines saw some relief buying after taking a heavy hit Friday, with Air China adding 4.5%, and Cathay Pacific Airways Ltd. advancing 4.1%.
Still, the yen’s weakness — and consequent gains for stocks — took the spotlight in Japan, with the U.S. dollar at ¥98.83, up from ¥97.33 late Friday in North America and far above its ¥92.89 level when the Bank of Japan announced major new easing steps Thursday.
Among the blue-chip Japanese exporters, Sharp Corp. jumped 7.3%, Toyota Motor Corp. traded 4.1% higher, and Sony Corp. climbed 5.7%.
Also helping sentiment in Tokyo, the finance ministry said early Monday that Japan in February had swung to its first current-account surplus in four months. The result beat expectations.
In Australia, strength for resource names helped support stocks.
Shares of Newcrest Mining Ltd. jumped 2% after gold futures rallied on Friday in the wake of the dismal U.S. jobs report.
Fortescue Metals Group Ltd. climbed 0.3% as reports said the iron-ore extractor may list its joint venture with China’s Baosteel in Hong Kong or Shanghai.
CHINA
The Shanghai CSI 300 dipped 11.25 points, or 0.5%, to 2,472.30, as the market reopened after a four-day weekend amid heightened worries over the spread of a new strain of bird-flu virus.
Airline stocks in particular fell across most of the region, reflecting fears that tourist flows into and from China may be affected. In Shanghai, Air China Ltd. skidded 3.4% and China Southern Airlines Co. shed 2.6%.
At the same time, drug-maker shares advanced in China, with Harbin Pharmaceutical Group Co adding 1.6%, and Kangmei Pharmaceutical Co. up 1.4%.
In other markets;
In Korea, the Kospi Index docked 8.54 points, or 0.4%, to 1,918.69
The Singapore Straits Times Index fell 15.17 points, or 0.5%, to 3,284.61
In Taiwan, the Taiex Index collapsed 189.56 points, or 2.4%, to 7,752.79
In New Zealand, the NZX 50 retreated 35.77 points, or 0.8%, to 4,397.20
Australia’s ASX 200 moved forward 14.06 points, or 0.3%, to 4,905.46
