The dollar steadied near an all-time low against the euro as markets awaited US jobs data for a further steer on whether a recession will hit the US economy following a succession of weak indicators.

But stocks began February brightly, pushing MSCI's index of non-Japan Asia up 1.7 per cent by 0623 GMT, although markets in China and Japan remained weak.

'There is a perception that markets have already reached troughs and are cheap, but on the other hand, nobody is sure about how much further the US economy will deteriorate. So it will be difficult for markets to move in either direction in February,' said Samuel So, an analyst at Samsung Securities in Seoul.

With the spectre of a US recession haunting the market, investors were also cautious about US jobs data and a reading of factory activity later in the day, fearful that more signs of economic decay could spark another downward jolt in stock prices.

Traders are looking to the numbers to help them decide whether to keep dumping the dollar, which last month hit its lowest in nearly three years against the yen.

KUALA LUMPUR
The local market is closed on Friday for a public holiday.

HONG KONG
Hong Kong stocks jumped on Friday to recoup some of recent losses as investors saw value in mainland financials, properties and other China plays dented in a two-day sell-off.

The benchmark Hang Seng Index ended up 2.9 per cent at 24,123.58.

The China Enterprises index of H-shares , or Hong Kong-listed shares in mainland companies, surged 6.4 per cent to 13,284.74.

SHANGHAI
Chinese share prices closed 1.43 per cent lower on Friday, with key Shanghai heavyweights leading the slump amid concerns over the recent bad weather and a liquidity crunch, dealers said.

They said the Shanghai bourse opened firm on strength in regional markets, but gains were offset by losses in companies such as PetroChina, and a disappointing trading debut for China Coal Energy.

The benchmark Shanghai Composite index, which covers both A and B shares, closed down 62.63 points to 4,320.77 on turnover of 96.45 billion yuan (S$18.71 billion).

TOKYO
Japanese share prices closed down 0.70 per cent on Friday amid caution over key US jobs data and disappointing earnings news from companies including Sony Corp, dealers said.

They said many investors refrained from buying ahead of the US non-farm payrolls figures, which are seen as a key gauge of the health of the overall economy.

The Tokyo Stock Exchange's benchmark Nikkei index fell 95.31 points to 13,497.16. The broader Topix index of all first-section shares finished down 9.45 points, also a loss of 0.70 per cent, at 1,336.86. -- AFP, REUTERS