Asian markets bounce after U.S. rally

Hong Kong added 1.63 percent, Tokyo 0.74 percent and Sydney 1.91 percent as dealers looked at upbeat data from the U.S. to pick up bargains following a hectic week.

Shanghai rose for the sixth day in a row.

The Dow Jones index added more than two percent on Thursday after figures showed U.S. productivity surged in the third quarter to its highest in six years, while filings for jobless benefits fell to their lowest in 10 months last week.

U.S. October retail sales increased 1.8 percent.

However, eyes were also on U.S. non-farm payroll numbers to be released later Friday, which will give an indication of the state and strength of recovery in the world's biggest economy. Many analysts expect the data to show almost 10 percent unemployment.

TOKYO: Up 0.74 percent. The Nikkei-225 climbed 71.91 points to 9,789.35. Toyota shares lost 1.7 percent to 3,520 yen, after reporting better-than-expected earnings for the three months to September and lifting its outlook for the full fiscal year. NEC rose 10 percent to 273 yen as investors took in their stride an announcement it will raise up to 134 billion yen via a new share issue that will dilute the value of existing stock.

HONG KONG: Up 1.63 percent. The Hang Seng Index added 350.64 points to 21,829.72. “Strong liquidity flows suggest a positive outlook for the Hong Kong stock market,” Linus Yip, a strategist at First Shanghai Securities, told Dow Jones Newswires.

SYDNEY: Up 1.91 percent. The S&P/ASX200 gained 86.0 points to 4,594.0. Dealers said the market opened higher on Wall Street's lead and continued to gain after the Reserve Bank of Australia revised economic growth and inflation forecasts.

SHANGHAI: Up 0.28 percent. The Shanghai Composite Index, which covers both A and B shares, was up 8.98 points to 3,164.04. The key index ended at its highest since August 11 and the index has risen 5.6 percent for the week. Property companies led the gains after China Vanke, the country's largest developer by market value, said sales surged 95 percent.

SEOUL: Up 1.30 percent. The KOSPI ended up 20.22 points at 1,572.46. “A sharp rebound of the U.S. market certainly helped lift the KOSPI today,” Kim Joong-hyun, an analyst at Shinhan Investment Corporation, said.

SINGAPORE: Up 1.10 percent. The Straits Times Index rose 28.86 points to 2,658.21.

DBS rose 40 cents to 13.38 and United Overseas Bank up 34 cents to 17.76.

Capitaland edged up five cents to 4.09 and City Developments rose 17 cents to 10.02.

Singapore Airlines was up 18 cents to 13.98 and Singapore Telecommunications gained five cents to 2.94. BANGKOK: Up 2.45 percent. The Stock Exchange of Thailand rose 16.72 points to 698.63.

KUALA LUMPUR: Up 0.54 percent. The Kuala Lumpur Composite Index gained 6.80 points to 1,260.76.

JAKARTA: Up 1.18 percent. The Jakarta Composite Index gained 27.89 points to 2,395.10. The index has gained 77 percent since the start of 2009.

MANILA: Down 0.44 percent. The index fell 13.04 points to 2,931.47.

WELLINGTON: Up 0.50 percent. The NZX-50 closed up 15.66 points at 3,160.16.

MUMBAI: Up 0.59 percent. The 30-share Sensex rose 94.38 points to 16,158.28.

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