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Asian shares rise on upbeat US jobs data
by Himanshu Singh on Mar 11, 2013 at 05:30
Asian shares gained on Monday in afternoon trade after US jobs data exceeded estimates and Japanese exporters gained on a weaker yen.
The MSCI Asia Pacific Index rose 0.7% to 137 as of 1:40 p.m. in Tokyo. Japan’s Nikkei 225 Stock Average rose 0.7%, gaining for an eighth day, as the yen traded near a three and a half year low against the dollar.
South Korea’s Kospi Index fell 0.2% North Korea threatened to target South Korea’s incoming defense minister. Australia’s S&P/ASX 200 Index advanced 0.4%. Hong Kong’s Hang Seng Index rose 0.4% and China’s Shanghai Composite Index lost 0.2%.
In company news, Techtronic Industries Co., a maker of power tools that gets 72% of its sales in North America, gained 1.9% in Hong Kong.
Japanese lenders gained led by Resona Holdings Inc. and Shinsei Bank Ltd. on speculation they may follow Sumitomo Mitsui Trust Holdings Inc. with plans to repay public funds.
Chinese developers fell after the country’s industrial production increased 9.9% in the first two months, the weakest start to a year since 2009, and retail sales gained 12.3%, government data showed on 9 March, trailing economists’ estimates.
Agile Property fell 2% in Hong Kong and Shimao Property Holdings Ltd., which develops real-estate in China, dropped 1.1%.
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