Most of the Asian equity benchmarks are trading green in the early deals on Monday, following the rally on Wall Street Friday after the release of mixed US jobs data for the month of April. While the Labor Department's report showed weaker than expected job growth in the month of April, the unemployment rate fell to its lowest level in over seventeen years. Crude oil prices above $70 a barrel in Asian trading amid worries that the US might reimpose sanctions on Iran. Japan's Nikkei share average dropped in choppy trade as investors returning from Golden Week holidays worried that the stronger yen could impact companies earnings estimates, while financials weakened on falling US yields. Among the other Asian markets, Shanghai, Hong Kong, Indonesia and Taiwan are also higher. Bucking the trend, Singapore and Malaysia are lower. The South Korean market is closed in observance of Children's Day.
Hang Seng added 151.13 points or 0.51% to 30,077.63, Jakarta Composite gained 46.78 points or 0.81% to 5,839.13, Taiwan Weighted spurt 90.51 points or 0.86% to 10,619.88, and Shanghai Composite up by 37.31 points or 1.21% to 3,128.34.
On the flip side, Nikkei 225 dipped 15.45 points or 0.07% to 22,457.33, FTSE Bursa Malaysia KLCI decreased 12.91 points or 0.7% to 1,828.92, and Straits Times down by 3.88 points or 0.11% to 3,541.50.