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China services expansion lifts Asian stocks

by Himanshu Singh on Feb 04, 2013 at 03:55

China services expansion lifts Asian stocks

Asian shares gained on Monday in morning session as China services industries grew at the fastest pace since August and US payrolls expanded and, adding to optimism in the global economic recovery.

The MSCI Asia Pacific Index gained 0.7% to 134 as of 10:50 a.m. in Tokyo. Japan’s Nikkei 225 Stock Average rose 0.4% after capping a 12-week winning streak on 1 February, the longest run of weekly increases since 1959, according to Nikkei Inc.

Australia’s S&P/ASX 200 Index gained 0.1%, while South Korea’s Kospi Index rose 0.2%. Hong Kong’s Hang Seng Index advanced 0.9% and the Shanghai Composite rose 0.5%. Singapore’s Straits Times Index gained 0.6%, while Taiwan’s Taiex Index increased 0.7%.

Shares gained after the US payrolls increased 157,000 in January following a revised 196,000 advance in December and a 247,000 surge in November.

Another economic report showed that China’s services industries grew at the fastest pace since August as gains in retailing and construction aid government efforts to drive a recovery in the world’s second-biggest economy.

Rio Tinto Group advanced 1.2% in Sydney, leading gains among companies with earnings linked to economic growth.

Sony Corp. surged 6.5% in Tokyo amid speculation the firm is prepping a new version of the home console. Panasonic Corp. jumped 15% after reporting an unexpected third-quarter profit.

Sumitomo Metal Mining Co. gained 6% in Tokyo with the raw-material shares accounted for the largest gains among 10 industry groups on the MSCI Asia Pacific index, after consumer discretionary companies.

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