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Shanghai and Hong Kong led a regional stocks rally on Monday as investors welcomed Beijing's green light for a new futures market as well as a short-selling experiment in China. The markets were also given a lift by data released the day before that showed mainland exports surged 17.7 percent in December to snap a 13-month falling streak.
The week started on a high across the region despite disappointing jobs figures out of the eurozone and the United States on Friday, which dampened recent optimism for the global economic recovery. There were also gains in Sydney, which ended 0.79 percent, or 38.6 points, higher at 4,950.70 on the back of the China export figures.
Seoul closed flat, down 1.14 points to 1,694.12 as auto and tech exporters lost ground on concerns over the strength of the Korean won. Tokyo was closed Monday for a public holiday. The Singapore Straits Timex Index closed up 0.37 percent, or 10.77 points, at 2,933.53. Container shipping firm Neptune Orient Lines closed at 1.90 Singapore dollars (1.37 US), up 12 cents on improving global trade. Singapore Airlines fell eight cents to 14.40.
Taipei closed up 42.92 points, or 0.52 percent, at 8,323.82. "After a strong showing in 2009, shares largely appear expensive. That's why not many investors are willing to chase prices at the moment," Mega Securities analyst Alex Huang said. The steel sector remained attractive on rising product prices with Tung Ho Steel up 5.20 percent at 37.45 dollars.
In Malaysia the Kuala Lumpur Composite Index rose 1.53 points, or 0.12 percent, to close at 1,294.51. "Players are back in the market today with lower liners and speculative stocks attracting the most attention," a dealer said. Glove maker Latexx jumped 13 percent to 3.92 ringgit as property management company Hartalega climbed 3.1 percent to 6.93 ringgit. Jakarta gained 0.68 percent, or 17.83 points, to end at 2,632.20.
Cigarette maker Gudang Garam rose 4.5 percent to 23,150 rupiah while bellwether Telkom added 1.1 percent to 9,450. "I expect foreign buying to continue (Tuesday) so that the main index can break above the immediate resistance level of 2,650," an analyst at a foreign securities firm said. - Manila rose 0.33 percent, or 10.17 points, to 3,087.35. The index finished at a five-week high as dealers looked to the strong overseas market.
Ayala Corp rose 0.8 percent to 300 pesos while Philippine Long Distance Telephone Co gained 0.56 percent to 2,710 pesos. Bangkok rose 1.08 percent, or 7.99 points, to close at 746.95. PTT Plc added 3.00 baht to 247.00 baht while its subsidiary PTT Exploration and Production gained 2.00 baht to 150.50.
The market was helped by positive expectations about an impending government appeal against a court ruling in December that halted dozens of huge projects at an industrial estate on Thailand's eastern seaboard, analysts said. Wellington fell 0.20 percent, or 6.48 points, to 3,303.75. Auckland International Airport led the falls, losing six cents to 2.02 dollars, after saying it was buying a quarter stake in North Queensland Airports.
In Mumbai, the 30-share benchmark Sensex closed down 13.58 points or 0.08 percent at 17,526.71. India's largest private sector firm Reliance Industries fell 1.85 percent or 20.4 rupees to 1,081.55 after the company said Monday it raised 756 million dollars in another share issue. Infosys Technologies, India's second largest software exporter, rose 0.98 percent or 24.1 rupees to 2,488.55, ahead of its third quarter earnings to be announced Tuesday.

Copyright Agence France-Presse, 2010

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