Renewed optimism over an improving global economic picture helped most Asian shares rise Thursday following a stronger lead from Wall Street, but fears lingered over China's monetary policy. Sentiment was boosted by strong Australian jobs data and Wall Street's more positive outlook on the earnings season, shrugging off earlier disappointment.
Sydney closed 0.61 percent higher, with sentiment buoyed by stronger-than-expected jobs data and record-breaking quarterly iron ore sales from mining giant Rio Tinto. The benchmark S&P/ASX200 index gained 29.9 points to 4,898 on a bigger-than-expected fall in Australia's unemployment rate to 5.5 percent in December, down from November's revised figure of 5.6 percent.
Seoul closed 0.86 percent higher, with the KOSPI up 14.36 points at 1,685.77. Asia followed Wall Street's lead after the Dow Jones Industrial Average rose 0.50 percent to close at 10,680.77. The US market shook off a disappointing earnings report from aluminium giant Alcoa earlier this week while the Federal Reserve's Beige Book report, which said the economy is seeing a broader improvement in activity, also boosted sentiment.
Singapore closed 0.73 percent, or 21.14 points, higher at 2,909.52. Asian media giant Singapore Press Holdings was up 16 cents, or 4.37 percent, at 3.82 dollars, a day after reporting that its financial first quarter net profit nearly doubled from a year ago. Taipei closed up 93.42 points, or 1.14 percent, at 8,289.98.
The bourse recovered much of the ground lost in the previous session, indicating the upward trend of the market remains unchanged, said Chen Yu-yu of Capital Securities. Indonesia gained 0.47 percent, or 12.31 points, to 2,645.18. Bank Danamon advanced 1.6 percent to 4,825 rupiah, while car distributor Astra International gained 1.3 percent to 35,550 rupiah.
In Malaysia, the Kuala Lumpur Composite Index gained 5.20 points, or 0.40 percent, to close at 1,294.71, tracking gains on Wall Street. Among major stocks, glove maker Top Glove gained 3.90 percent to 11.74 ringgit, Malaysia Airports rose 9.50 percent to 4.74 while Malaysia Airlines was down 1.60 percent to 2.99.
Manila closed 0.81 percent, or 25.21 points, higher at 3,121.91. The market was buoyed by advances on Wall Street and regional bourses. First Philippine Holdings rose 3.19 percent to 48.50 pesos, while Philippine Long Distance Telephone gained 1.67 percent to 2,745 pesos. Wellington ended flat, with rises in Sydney supporting an otherwise lacklustre market. The NZX-50 index rose 2.14 points to 3,278.33.