Market Update
Asian equities started the week on a subdued note Monday as investors reacted to last week's dismal job figures out of the U.S.
Among the regional indexes, China's Shanghai Composite was little changed as it slipped 0.2%, while the Hang Seng edged up 0.2%. The Sensex ended 1.8% higher while the All Ordinaries lost 0.4%.
Investors were reacting to lower than expected jobs data released in the U.S. Friday that showed the economy added only 74,000 jobs as against expectations of 193,000 net additions.
Japanese markets were closed for a public holiday.
Stocks on the Move
In Hong Kong, some earnings related news spurred sharp stock movements. Aluminum Corp. of China soared 7% after returning to profit in 2013 as the nation's largest producer of the metal lowered costs and sold assets to its parent company. That optimism also brushed up on other metal players. Jiangxi Copper was up 1.5% while Angang Steel gave up the day’s gains but still ended up 0.4%.
Lenovo Group surged 3.8% as the Chinese company retained its lead as the world's biggest maker by shipments, with a market share of 17.1% for 2013, according to data released by researcher IDC.
Retailers, however, traded weak -- Esprit Holdings slipped 0.2% while Li& Fung lost 0.4% after the company said it plans to start a factory safety consulting unit after a deadly fire at one of its garment plants in Bangladesh killed 112 workers.
Banking stocks also hugged the flat-line – ICBC ended flat while Hang Seng Bank declined 0.4%. HSBC Holdings was up 0.7%.
BHP Billiton was up 0.3% amid news that the company's chairman Jacques Nasser was facing investor pressure to revisit its capital management initiatives.
Gold miners shone following an uptick in bullion prices on the commodities exchange last week. Newcrest Mining brightened 6.1%.
In Mumbai, IT players continued to lead the gains. TCS was the top gainer, up 3.9%, followed by Infosys, up 3.3% - extending its winning streak following upbeat results last week. Wipro added 1.2%.
Tata Motors accelerated 2.2% after its subsidiary Jaguar-Land Rover reported sales of 425,000 vehicles in 2013, up 19% from last year --- marking its best performance so far.