A pedestrian walks past an electronic stock board displaying the Nikkei 225 Stock Average and other indices outside a securities firm in Tokyo. Japanese shares yesterday closed up 0.93% at 14,163.78.

AFP/Tokyo


Asian stocks rose yesterday, buoyed by the Fed chief’s comments that the US is on track for solid growth in the second quarter and positive trade data from China.
Markets took heart after Federal Reserve chair Janet Yellen told Congress the US economy was on track for “solid growth” in the second quarter and that the stimulus taper would continue steadily.  Tokyo reversed the previous day’s fall to close up 0.93%, or 130.33 points, at 14,163.78.
“It’s a rebound from Wednesday’s sharp fall – the market is getting support from a brisk session on Wall Street,” said Tokai Tokyo Securities strategist Seiichi Suzuki.
Seoul ended up 0.55%, or 10.72 points, at 1,950.60 while upbeat Australian jobs figures saw Sydney add 41 points, or 0.75% to close at 5,476.8.
Hong Kong rose 0.42%, or 90.86 points, to 21,837.12 while Shanghai added 0.26%, or 5.19 points, to 2,015.27.
“It has been a fairly busy day in Asia, with investors focusing on Australian jobs and China trade balance data,” said IG market strategist Stan Shamu.
Chinese stocks rose after the release of April trade data, which showed exports and imports rising marginally, rebounding from sharp declines the month before, with the country reporting a second straight trade surplus.
The figures come a month after Customs reported that China’s trade volumes fell dramatically in March, which analysts blamed on the continued impact of fake reporting of exports seen in early 2013.
“China’s trade data show signs of recovery but continue to understate the true health of the export sector,” Julian Evans-Pritchard, China economist at Capital Economics in Singapore, wrote in reaction to the April figures.
The figures lifted Shanghai stocks but dealers said uncertainty over the domestic economy may cap gains.
“Trade figures didn’t seem to have any big impact on the market as the rises were mainly driven by small-cap stocks on the main board,” Haitong Securities analyst Zhang Qi told AFP.  “It’s still uncertain whether the recovery in trade will be sustainable,” he said.
In other markets, Singapore rose 0.35%, or 11.26 points, to close at 3,247.69, Bangkok fell 1.68%, or 23.59 points, to 1,379.02, Kuala Lumpur gained 2.41 points, or 0.13%, to 1,862.84,  Jakarta ended down 1.18 points, or 0.02%, at 4,860.89, Taiwan rose 37.68 points, or 0.42%, to 8,930.9, in Wellington, the NZX-50 fell 27.72 points, or 0.53%, to 5,161.41 and Manila added 0.25%, or 16.70 points, to 6,765.21.