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Market Update

Asian Stocks End Mostly Higher

Stocks in Asia ended mostly higher, following a robust jobs report in the United States Friday that showed world's largest economy on recovery's track, but a stronger yen hurt Japanese equities.

At close, Japan's Nikkei slipped 0.7%, while Hong Kong's Hang Seng, China's Shanghai Composite and Australia's ASX rose 0.3% to 0.8%. India's Sensex ended flat.

A rebound in commodity prices that saw a recent correction helped boost resource stocks. In Japan, Prime Minister Naoto Kan called to shut down a nuclear power plant owing to safety issues, leading to concerns of possible power outages ahead.

Stocks on the Move

In Tokyo, a slightly stronger yen weighed on export-focused electronics and auto stocks. Canon declined 0.7% while Nissan was off 1.3%.

Chubu Electric Power Company, whose power plant faces safety concerns, shed 10.3% on expectations it may be shut down by authorities.

In Hong Kong and China, resource and property stocks bounced back after the recent correction: CNOOC was up 2% while Gemdale Corporation gained 0.5%.

Indian stocks traded on both sides of the flat line but ended unchanged. Losses in financials and oil sectors offset gains in telecom and metals.

In leading gainers, Coal India jumped 6.2% while Bharti Airtel rose 2.9%.

In Sydney, miners BHP Billiton and Rio Tinto climbed 0.4% and 0.6%, pushing the index higher.

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