Asian shares ended mostly higher Monday, cheering strong U.S. jobs data and a rebound in commodity prices, with Hong Kong stocks climbing after an eight-session losing streak as investors snapped up beaten-up property and resource shares.
In Japan, the Nikkei 225 average dipped 64.82 points, or 0.7%, to 9,794.38, undermined by concerns about potential power shortages.
Hong Kong’s Hang Seng Index finally ended its losing streak, progressing 176.86 points, or 0.8%, to 23,336.
Worries that the Bank of Korea might raise interest rates again this week weighed on stocks in Seoul, sending the Kospi lower.
In Tokyo, concerns about potential power shortages hurt the market, after Japanese Prime Minister Naoto Kan Friday called for the Hamaoka nuclear power plant, located near an earthquake fault line southwest of Tokyo, to suspend its operations until all planned safety measures against earthquakes and tsunami of similar magnitude to those seen on March 11 are implemented.
Chubu Electric Power Co., which owns the Hamaoka plant, slumped 10.3%; other utilities also fell, with Kansai Electric Power Co. dropping 2.6% and Kyushu Electric Power Co. sliding 1.5%.
After the market close, Chubu Electric’s President Akihisa Mizuno said the company would halt the Hamaoka plant’s No. 4 and No. 5 reactors, while keeping offline the No. 3 reactor which is currently undergoing maintenance.
Fast Retailing Co. dropped 4.2% on disappointing domestic same-store Uniqlo sales for April.
Isetan Mitsukoshi Holdings Ltd. fell 2.7% after the company sharply lowered its group net profit outlook for the fiscal year ended March 31.
In Seoul, the losses came amid worries that the Bank of Korea might increase its policy rate by 0.25 percentage points on Friday to tackle rising inflation. Shares of Industrial Bank of Korea gave up 2.3%, Daewoo Engineering & Construction Co. Ltd. dropped 3.1% and Hyundai Mobis Co. shed 2%.
In Sydney, construction and mining services provider Ausenco Ltd. jumped 9.2% after it announced a contract at Taseko Mines’ Gibraltar copper-molybdenum project in Canada.
Singapore’s Straits Times Index added strength, after the ruling People’s Action Party remained in power, as expected, but it did so with its lowest share of the popular vote since Singapore became a nation -- only 60.1% compared with nearly 67% in the last poll in 2006. Neptune Orient Lines Ltd. rose 4.4% and DBS Group Holdings Ltd. added 2.2%.
Inpex Corp. rose 1.6% in a downbeat Tokyo market, while BHP Billiton Ltd. and Woodside Petroleum Ltd. climbed 0.4% and 1.2%, respectively, in Sydney. Sterlite Industries India Ltd. climbed 1.4% in afternoon trading, with Cnooc Ltd and PetroChina Co. rising 1.8%, and 1.7%, respectively in Hong Kong.
Several mainland property developers listed in Hong Kong rose sharply on bargain-buying after suffering heavy losses recently. China Resources Land Ltd. rose 5.4% and China Overseas Land & Investment Ltd. climbed 3.8%.
The euro was fetching $1.4417 from $1.4315 in New York late Friday, and 116.22 yen from ¥115.49. The dollar was at ¥80.62, compared with ¥80.65.
CHINA
Power-generation stocks rose on Chinese bourses as rising demand and drought in some regions has led to power shortages in the country.
Shanghai’s CSI 300 Composite Index crept up 8.36 points, or 0.3%, to 3,129.76
However, traders were cautious before the release of key economic data for April on Wednesday, including the monthly inflation report.
Huaneng Power International Inc. rose 5% and Datang International Power Generation Co. rose 3.3%.
In other markets;
Taiwan’s Taiex Index added 58.25 points, or 0.7%, to 9,035.48
Korea’s Kospi Index shaved off 8.28 points, or 0.4%, to 2,139.17
Singapore’s Straits Times index gained 37.42 points, or 1.2%, to 3,136.94
New Zealand’s NZX 50 tacked on 12.63 points, or 0.4%, to 3,518.98
Australia’s S&P/ASX 200 moved higher by 13.80 points, or 0.3%, to 4,756.80
