ROME: Asian stocks posted a mixed open on Monday, following the absence of a lead from U.S. markets and as the closely-watched US nonfarm payrolls figure came in far below expectations. Wall Street was shuttered for the Good Friday holiday last week, alongside major markets in Europe and most parts of Asia. Thinner trade is expected throughout Monday, as Australia and New Zealand remain closed for Easter Monday. Bourses in China, Hong Kong and Taiwan are shut for the Ching Ming Festival, while Bangkok celebrates the Chakri Memorial Day. Released at the end of last week, the United States added 126,000 jobs in March, the weakest since 2013 and below expectations of 245,000 in a Reuters poll. The unemployment rate held steady at 5.5 percent, in line with expectations, while wages increased slightly more than estimated at 0.3 percent. Equity futures were off about 1 percent on Friday.
Japan’s Nikkei 225 halved gains after briefly losing nearly 1 percent at the open. Electronics makers were in focus; Sharp jumped 5.6 percent following news that the loss-making firm may spin off its LCD panel business and seek funding from government-backed Innovation Network Corporation of Japan (INCJ). Sony advanced 1.2 percent despite the Nikkei business daily reported that the company may cut more than half of its management-level workers.
South Korea’s Kospi index reversed a tepid open to edge up an hour into trade, thanks to a 3 percent rally in its top weighted stock Samsung Electronics. Shares of the South Korean giant were up ahead of its first-quarter guidance due at 8.30 am local time on Tuesday. Meanwhile, Hyundai Motor and its smaller affiliate Kia Motors lost 0.6 percent, respectively, while Posco dropped 0.6 percent after having rallied in the previous session.
