(MENAFN– ecpulse)
Asian stocks advanced on Monday following last week`s rally on Wall Street, as investors took the worse-than-expected US jobs report as sign that the new head of the US Federal Reserve, Janet Yellen, will keep the monetary policy loose.
- The MSCI Asia Pacific Index added 0.6% to 134.10 as of 17:47 in Tokyo
In Japan stocks rose to a one-week high as the weaker yen overshadowed disappointing economic data. Japan posted a record current account deficit for December. A candidate backed by Prime Minister Shinzo Abe won Sunday`s election for governor of Tokyo.
- Nikkei 225 closed 1.77% higher at 14718.34
- Topix closed 1.27% higher at 1204.28
In China, stocks closed at a more one-month high after resuming trade last Friday following a week-long Lunar New Year holiday. Gains were also supported by the central bank that said it will step up efforts to protect the financial system.
- Shanghai Composite closed 2.03% higher at 2086.07
- Hong Kong’s Hang Seng closed 0.27% lower at 21579.26
In Australia stocks ended at its highest levels in nearly two weeks yet caution limited gains ahead of a raft of earnings reports due this week, while in South Korea stocks gained tracking the rest of Asia but caution prevailed before the central bank meeting.
- The S&P/ASX 200 closed 1.08% higher at 5222.15
- New Zealand’s NZX 50 closed 0.16% lower at 4833.06
- Kospi closed 0.04% higher at 1923.30
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