Indonesia leads gains in wake of jobs data

Indonesian stocks led the way higher in Asia on Monday in the wake of Friday’s strong US jobs data although several markets were still closed for national holidays, including Hong Kong, mainland China, Australia and New Zealand.

In Jakarta, the composite index rose 2 per cent to a record close of 2,887.25. Indonesia has been the best stock market performer so far this year in the region, gaining a further 13.7 per cent following last year’s 87 per cent surge.

Elnusa, an oil services company, gained 12.2 per cent to Rp550, whileBhakti Investama rallied 24.4 per cent to Rp1,020 after a report said the investment company was to take a stake in an offshore oil and gas investment.

Indian stocks powered to their highest close for more than two years as vehicle makers were helped by robust March sales figures. The BSE Sensex rose 1.4 per cent to 17,935.68, the highest level since February 2008.

Hero Honda, the motorcycle maker, gained 4.4 per cent to Rs2,033.45 after its sales gained 17.3 per cent last month, while Tata Motor added 0.6 per cent to Rs780.85 on a 38 per cent jump in sales.

Steel Strips Wheelsshares leapt 20 per cent to Rs151.60 after the company said it would be supplying Renault with 35,000 more wheel rims on a monthly basis.

Elsewhere, Reliance Industries gained 2.9 per cent to Rs1,125.15, while State Bank of India added 1.6 per cent to Rs2,137.50.

Elsewhere in the region, Japanese stocks closed at a third successive 18-month high, benefiting from both the confidence in the US economy and a weaker yen, which helps exporters gain a competitive edge overseas.

The Nikkei 225 Average gained 0.5 per cent to 11,339, while the broader Topix rose 0.6 per cent to 995.68.

Exporters outperformed the broader market. Toyota rose 1.1 per cent to Y3,815, also boosted for a second day by its improved sales in the US. Panasonic gained 2.7 per cent to Y1,478, and Nintendo rose 2.7 per cent to Y32,950.

Nippon Steel Trading gained 3.1 per cent to Y201, after it said its shares would be moved to the much larger and more widely-traded first section of the Tokyo Stock Exchange. Kobe Steel rose 6.3 per cent to Y218 following an analyst upgrade to the stock.

Shin-Etsu Chemical gained 3.8 per cent to Y5,700, after it announced plans to build a second vinyl chloride resin plant in the US.

But Fast Retailing sank 10.6 per cent to Y14,920 after warning that its Uniqlo clothing chain had suffered a steep slide in same-store sales in March.

Yamaha Motor sank 9.4 per cent to Y1,266, after it said it planned to raise Y76.1bn selling new shares to the market to use for research and development purposes.

In Seoul, the Kospi edged up 0.1 per cent to 1,724.99, a fresh 21-month closing high. Hyundai Motor gained for a second day to a new record, rising 2 per cent to Won130,500, after strong sales in the US and China in March. Hynix Semiconductor rose 3.4 per cent to Won29,100.

Bangkok remained calm in spite of reports over the weekend that the Thai government would seek arrest warrants for the leaders of thousands of anti-government protesters occupying Bangkok’s main retail area, setting the scene for a possible confrontation.

The SET index rose 0.9 per cent to 808.15, the highest since June 2008. The market is closed on Tuesday for a holiday.

In Singapore, the Straits Times index gained 0.9 per cent to 2,968.38.