Market

Asian stocks rise after US gains; many markets closed for Lunar New Year

Updated : February 16, 2018 07:42 AM IST

Gains on Wall Street lifted Asian equities on the last day of the week, but trading in the region was subdued with many markets shut for the Lunar New Year holiday.

Major US indexes extended their winning streak to five days on Thursday, with the Dow and S&P 500 breaking above their 50-day moving averages as bond yields hit fresh multiyear highs.

On the US data front, jobless claims increased by 7,000 to a seasonally adjusted 230,000, rebounding from a near 45-year low. The producer price index, meanwhile, rose 0.4 percent in January, in line with expectations.

Over in Asia, there's set to be less activity than normal, with markets in China, Hong Kong, Taiwan, South Korea, Malaysia and Vietnam closed.

Japan's benchmark Nikkei rallied 1.26 percent as the yen weakened. The currency earlier fetched 106.06 per dollar, hitting a new 15-month high for the second consecutive day, but then depreciated to 106.23 by 9:20 a.m. SIN/HK.

Utilities were among the biggest gainers, with Kansai Electric Power and Chubu Electric Power both jumping more than 4 percent.

Used-car dealer Idom soared 3.7 percent on news that it is partnering with Uber in Africa.

Japanese Prime Minister Shinzo Abe's administration is expected to submit nominees for the position of central bank governor and deputy governor on Friday. Current chief Haruhiko Kuroda is expected to get re-appointed for another five-year term.

Australian shares climbed 0.17 percent, led by gains in financials. Commonwealth Bank of Australia jumped 0.81 percent while insurance provider Suncorp rallied 2.85 percent.

Private hospital operator Healthscope jumped 5 percent on hopes for a potential sale of its Asian pathology business.

The Reserve Bank of Australia plans to leave interest rates at their current record lows for a while, Governor Philip Lowe said on Friday, adding that he hoped for gradual improvement in the unemployment rate.

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