By Carla Mozee and V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) -- Most Asian markets nudged higher on
Monday, with Australian stocks leading the advance as cautious
investors bought into high dividend-yielding shares ahead of key
global economic data later in the week.
Trading volumes were light with the Japanese and mainland
Chinese markets closed for a holiday.
Investors also held off from making big bets ahead of this
week's monetary policy decisions at the U.S. Federal Reserve and
the European Central Bank, and key economic data including the U.S.
non-farm payrolls figures for April, in addition to monthly
manufacturing data from China.
"While conditions may have been on the quiet side on Asian
markets today, things are bound to get livelier as the week
progresses, with the economic calendar littered with potentially
market-moving events," said Tim Waterer, a senior trader at CMC
Markets.
Australia's S&P/ASX 200 advanced 0.6% for its fifth advance
in six sessions, Hong Kong's Hang Seng Index rose 0.2% and Taiwan's
Taiex gained 0.1%.
South Korea's Kospi fell 0.2%.
In Monday's trade, banks and other stocks that yield high
dividends advanced in Sydney. Australia & New Zealand Banking
Group Ltd. (ANEWF) climbed 0.7% and Westpac Banking Corp. (WBK)
climbed 1.7%.
Rivkin global analyst Tim Radford said investors said
better-than-expected corporate results and expectations for a
quarter-point interest rate cut by the ECB could push the
Australian stock index to 52-week highs later this week.
Also in the financial sector, which accounts for about 45% of
the ASX 200 index's weighting, shares of Commonwealth Bank of
Australia (CBAUY) rose 1.1% and National Australia Bank Ltd.
(NAUBF) moved up 1.4%.
But mining shares traded lower in part as prices for some metals
declined Friday. May copper (HGK3) fell 1.6% after data showed the
U.S. economy grew by a less-than-expected 2.5% in the first
quarter. Gold and silver futures also lost ground.
Those price moves dragged down gold producer Newcrest Mining
Ltd. 0.5%, while Rio Tinto Ltd. (RIO) fell 0.8%.
A 15.3% slide put shares of Kingsgate Consolidated Ltd. (KCN.AU)
in the spotlight, with the gold producer hit hard after saying that
it is reviewing spending plans in the wake of the decline in the
commodity's prices.
Kingsgate also said it expects output in the fiscal year through
June to come in at the lower end of its previous forecast of
between 200,000 and 220,000 ounces.
In Hong Kong trading China Construction Bank Corp. (CICHY) rose
1.1% and Industrial & Commercial Bank of China Ltd. (IDCBY)
inched up 0.2% after both banking giants beat estimates in
first-quarter results.
But shares of Agricultural Bank of China Ltd. (ACGBF) pulled
lower by 1.4% after missing analyst expectations.
China Eastern Airlines (CEA) tumbled 4.3% following the
carrier's announcement Friday that it lost 132.4 million yuan
($21.5 million) in the first quarter.
However, Chinese telecom equipment major ZTE Corp. (ZTCOF)
jumped 3.7% following its first-quarter results, released
Friday.
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