Hong Kong Shares Up As US Job Data Lifts Asia

Hong Kong stocks ended Monday's morning session slightly higher, extending a rally into a fifth day following data showing a surprise jump in US jobs last month.

The Hang Seng Index rose 0.2 percent, to 24,812..

On the mainland, the Shanghai Composite Index added 0.3 percent, to 2,939 while the Shenzhen Composite Index edged up 0.2 percent, to 1,860.

Tokyo went into the break 0.9 percent higher as figures showed Japan's economy shrank less that feared in the first three months of the year.

Seoul rose 0.2 percent and Singapore put on 0.8 percent. Wellington soared more than 2 percent after officials reported no active cases of Covid-19 for the first time since the pandemic began.

Taipei, Manila and Jakarta were also higher. Sydney was closed for a holiday.

This comes after the release of data on Friday showed a staggering 2.5 million US jobs were created in May, pushing the Nasdaq and S&P 500 on Wall Street to within spitting distance of record highs.

"In a year of almost unmitigated disaster, the May jobs report was a pleasant surprise," David Kelly, of JP Morgan Asset Management, said.

Canada also reported a surprise increase in employment, confounding forecasts for a big drop.

"While there are still significant uncertainties over the Covid-19 impact on corporate earnings, investors are encouraged by the reopening of economies that is likely to lead to a rebound in profitability later this year," Iyad Abu Hweij, of Allied Investment Partners PJSC, said. (AFP)

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