BANGKOK (AP) — Asian markets mostly rose Monday, shrugging off a fall on Wall Street as South Korea’s fastest growth in seven years underscored the region’s strengthening economic recovery.
U.S. stocks faltered on Friday as investors dumped stocks and locked in profits after the glow of a week full of strong earnings reports faded.
But markets in Asia found new impetus after South Korea’s central bank said economic growth accelerated to 2.9 percent in the third quarter from the previous quarter – the fastest growth since the first quarter of 2002.
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Asia’s fourth largest economy has been bolstered by government stimulus spending, low interest rates, and a falling won which boosts exports. Massive stimulus spending also played a part in China’s economic growth accelerating in the third quarter, according to official figures last week.
Japan’s Nikkei 225 stock average rose 73.35, or 0.7 percent, to 10,356.34 and South Korea’s Kospi advanced 15.97, or 1 percent, to 1,656.28. Hong Kong’s market was closed for a holiday.
China’s Shanghai benchmark inched dropped 0.3 percent but Taiwan’s market rose 0.5 percent and Singapore’s index gained 0.1 percent.
Australia’s S&P/ASX 200 index was down 0.6 percent. In Sydney trade, coal miner Felix Resources Ltd. jumped 4.1 percent after the government approved a takeover by China’s Yanzhou Mining Co.
In the U.S. on Friday, the Dow fell 109.13, or 1.1 percent, to 9,972.18. The S&P 500 index fell 13.31, or 1.2 percent, to 1,079.60. The Nasdaq fell 10.82, or 0.5 percent, to 2,154.47.
Oil prices slipped below $80 a barrel in Asia as traders looked to this week’s company earnings and U.S. economic data for evidence that justifies last week’s jump to a 2009 high.
Benchmark crude for December delivery fell 78 cents to $79.72 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 69 cents a barrel to settle at $80.50 on Friday.
In currencies, the dollar fell to 91.74 yen from 92.13 yen. The euro rose to $1.5034 from $1.4998.
© 2009 The Associated Press. All rights reserved.
