Asia Stocks Mostly Rise; China Factory Activity Expanding


Shares in major AsiaPacific markets were mostly higher on Tuesday, as investors reacted to the release of a private survey on Chinese manufacturing activity in May. Mainland Chinese stocks closed higher, with the Shanghai composite up 0.26 to 3,624.71 and the Shenzhen component rising 0.256 to 15,034.78. Hong Kongs Hang Seng index rose about 0.9, as of its final hour of trading.

The CaixinMarkit manufacturing Purchasing Managers Index PMI for May came in at 52, higher than expectations for a reading of 51.9 by analysts in a Reuters poll. The figure for May also compared against Aprils reading of 51.9. The official manufacturing PMI for May, released Monday, came in 51.0 slightly lower than analyst expectations for a reading of 51.1 in a Reuters poll.

PMI readings above 50 represent expansion while those below that level signify contraction. PMI readings are sequential and represent monthonmonth expansion or contraction. Japans Nikkei 225 slipped 0.16 to close at 28,814.34 while the Topix index edged 0.17 higher to finish the trading day at 1,926.18. South Koreas Kospi closed 0.56 higher at 3,221.87.

Over in Southeast Asia, the FTSE Bursa Malaysia KLCI Index hovered above the flatline, as of 322 p.m. local time. Malaysias prime minister on Monday announced an additional 40 billion ringgit about 9.7 billion stimulus package, just hours before stricter lockdown measures to curb the Covid spread in the country were set to kick in.

Source FXPro


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