Southeast Asian Stocks Up for a Second Day

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Southeast Asian Stocks Up for a Second Day
Southeast Asian Stocks Up for a Second Day

Southeast Asian Stocks Up for a Second Day

Today, Southeast Asian stock markets rose for the second consecutive day amidst the news that the US may get better employment data for the month of January. On the slightly better trading day, the Philippines outperformed earlier performances and even Indonesia hit a two-week high.

Most of the regional market was up thanks to higher Asian shares and signs the U.S. nonfarm payrolls report which according to market analysts could put some global growth concerns to rest. Earlier, ForexMinute had reported that the IMF had warned that the global economy may slowdown thanks to stimulus tapering by the Federal Reserve of the U.S.

All Major Indexes in Southeast Asia up on Second Day

A slight growth in Japan’s benchmark Nikkei 225 index was seen when it surged 1.6 percent to 14,382.77. Whereas Hong Kong’s Hang Seng added 0.9 percent to 21,614.36, there was slightly upward movement in South Korea’s Kospi which climbed 0.4 percent to 1,915.16. With slightly upward growth, Australia’s S&P/ASX 200 saw investors buying stocks. The index rose 0.6 percent to 5,160.10.

A similar performance of indexes was seen in the other regional major economic power Indonesia where its main index was up 0.9 percent at 4,465.61. It is it’s the highest since Jan. 24. Following the trend, Singapore rose almost 1 percent. Even MSCI’s broadest index of Asia-Pacific shares outside Japan received a slight growth of 0.9 percent by 0638 GMT.

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U.S. Indexes Up on Thursday as Better Employment Data Expected

Earlier, U.S. stocks posted their best day of the year on Thursday. The stock market got a boost as reports came that the country saw a drop in applications for unemployment insurance. The development boosted confidence among investors who were wary of investing amidst the warning from the IMF chairman that the global economy may slowdown.

Estimates say that a robust jobs report after the U.S. economy added a disappointing 74,000 jobs in December may give a boost to the economy. Nonetheless, even the Labor Department earlier this week said that fewer people sought unemployment benefits last week while a private survey reported positive data on US hiring.

Better expected employment situation in the country helped investors and major indexes closed higher. Whereas the Dow Jones industrial average jumped 188.30 points, or 1.2 percent, to close at 15,628.53, the Standard & Poor’s 500 rose 21.79 points, also 1.2 percent, to 1,773.43.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com