Asian markets round-up: Most bourses trade in the green amid heavy data

Asian markets outside India traded higher on 11 June in a data-heavy session.

The Japanese Nikkei finished 1.68%, or 336.61 points, higher at 20,382.97.

The Shanghai Composite finished 0.30%, or 15.56 points, higher at 5,121.59.

Hong Kong's Hang Seng finished 0.83%, or 220.21 points, higher at 26,907.85.

Australia's S&P/ASX 200 finished 1.43%, or 78.10 points, higher at 5,556.70.

South Korea's Kospi Composite finished 0.26%, or 5.29 points, higher at 2,056.61.

India's S&P BSE Sensex finished 1.75%, or 469.52 points, lower at 26,370.98.

Market movements

The Nikkei bounced back as the Japanese yen weakened 0.3% against the US dollar in early Asian trade.

The Shanghai Composite settled a tad lower even as May's industrial production and retail sales data, and April's fixed asset investment data met expectations.

The ASX rose on the back of upbeat jobs data, which revealed that Australia added 42,000 jobs in May, beating Reuters's expectations for an addition of 11,000 jobs.

ANZ Research said in a note to clients: "Today's labour market data for May were much better than expected by both ANZ and the market. Strong growth in employment has resumed after a temporary drop in April, pushing annual employment growth to the strongest rate since 2011. This strength is at odds with most other indicators which are suggesting that economic growth remains below-trend."

The Kospi gained after the country's central bank cut rates by 25 basis points to a record-low 1.5% to offset potentially adverse economic effects from the MERS outbreak there.

The Sensex was the worst performer in the region, pulled down by concerns surrounding likely weak monsoon rains and a recovery in Asia's third-largest economy.

Brokerage firm CLSA has lowered its Sensex target for December 2015 by 3% to 28,500 points, saying: "The prospects of a meaningful economic recovery in the second half of FY16 are fading and we remain cautious near-term."

Elsewhere, in New Zealand, the central bank has cut its benchmark cash rate for the first time in four years. The nation's main stock index added 1%.

Capital Economics said in a note: "While today's interest rate cut by the Reserve Bank of New Zealand, to 3.25% from 3.50%, came a bit earlier than we expected, towards the start of the year we were one of the few analysts expecting rates to fall at all. A further cut in rates to our end-year forecast of 3.0% could come as soon as next month.

"If we are right in thinking that the outlook is weaker than the RBNZ believes, then rates may even have to fall further. The dollar could therefore weaken to US$0.65 or below."

Company stocks

In Tokyo, Central Japan Railway and West Japan Railway jumped 5.21% and 5.32% respectively.

Sony gained 2.92% on the back of a weaker yen while Toyota Motor added 1.71%.

Tokio Marine Holdings finished 0.45% lower following news that it will acquire New York-traded HCC Insurance for some $7.5bn.

In Shanghai, Bank of Communications lost 3.60% while Bank of China lost 2.72%. Ping An Insurance settled 2.09% higher.

In Hong Kong, Chinese developer Agile Property Holdings lost 2.58%.

In Sydney, Fortescue Metals jumped 6.44% after iron ore prices rose above $65 a tonne. Rio Tinto added 2.51% while BHP Billiton added 2.06%.

Oil Search jumped 4.44% while Santos gained 2.48%.

In Seoul, builder Samsung C&T lost 7.07%. The firm plans to sell nine million common treasury shares to construction materials firm KCC by 12 June, and make KCC the fourth-largest individual shareholder of the company. The move is expected to spark a protracted battle with US hedge fund Elliott, which has sought an injunction to block a buyout of Samsung C&T by Cheil Industries.

Tong Yang Insurance added 1.06%, after opening 15% higher, on news the nation's Financial Services Commission has approved Anbang Insurance Group's purchase of a controlling stake in Tong Yang.

In Mumbai, JLR-parent Tata Motors lost 3.61% while Tata Steel gave up 2.34%.