Tue, 11 Aug 2020

SYDNEY, Australia - Stocks in Asia extended gains on Friday as strong payrolls data out of the U.S. and a pick-up in China's services sector boosted demand.

"Recovery in China's domestic demand is accelerating, even though the external demand is still weak. Thus investors are shifting to domestic-demand oriented sectors," Wang Shenshen, senior strategist at Mizuho Securities in Tokyo told Reuters Thomson Friday.

At the close on Friday the Hang Seng in Hong Kong was ahead 227.71 points or 0.91% at 25,351.90.

China's Shanghai Composite gained 62.24 points or 2.01% to 3,152.81.

The Australian All Ordinaries climbed 21.40 points or 0.35% to 6,163.70.

In Tokyo, the Nikkei 225 advanced 160.52 points or 0.72% to 22,306.48

The foreign currency market was quiet with the majors coming off their highs. The euro dipped to 1.1235 by the Sydney close on Friday.

The British pound eased to 1.2461. The Japanese yen was quiet at 107.48. The Swiss franc was slightly lower at 0.9463.

The Canadian dollar was a fraction higher at 1.3562, as were the Australian and New Zealand dollars at 0.6935 and 0.6526 respectively.

Overnight on Wall Street, the Dow Jones Industrial Average was ahead 92.39 points, or 0.36%, at 25,827.36.

The Standard and Poor's 500 added 14.15 points, or 0.45%, to 3,130.01.

The Nasdaq Composite climbed 53.00 points, or 0.52%, to 10,207.63, an historic high.

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