Monday, April 5, 2010

[News] Asian shares advance on US jobs market recovery

By ALEX KENNEDY, Associated Press Writer Alex Kennedy, Associated Press Writer Mon Apr 5, 4:11 am ET

SINGAPORE – Asian stock markets were mostly higher Monday after an encouraging U.S. jobs report offered the latest sign the global economy is on the mend.

Japan's Nikkei 225 stock average rose 0.5 percent to 11,339.30, Singapore's benchmark index also increased 0.5 percent, Indonesia jumped 1.7 percent and India gained 0.8 percent.

Meanwhile, South Korea's Kospi index added 0.1 percent to 1,724.99 while Thailand dropped 0.4 percent.

On Friday, the U.S. Labor Department said employers added 162,000 jobs in March, the largest job gain in three years. The unemployment rate stayed at 9.7 percent for the third straight month.

"The U.S. recovery is showing new strength," said Yuwa Hedrick-Wong, economic advisor for MasterCard Worldwide in Singapore. "Demand for Asian exports is stabilizing and has recovered from last year's trough. Domestic demand in Asia is also rising steadily."

The Dow Jones industrials rose 0.7 percent to 10,927.07 on Thursday, a new high for the year. Wall Street was closed for Good Friday, as were other major markets around the world.

>>Read on for full report...

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