Traders work at the Hong Kong Stock Exchange. Shares closed down 0.66% at 24,994.1 points yesterday.
AFP/Tokyo
Asian markets mostly fell yesterday, with downbeat Chinese manufacturing data dragging down Hong Kong and Shanghai as concerns grew about the pace of recovery in the world’s second-largest economy.
But Tokyo bucked the trend, gaining 0.85%, or 131.75 points, to 15,586.20 after US Federal Reserve minutes suggested interest rates may be hiked sooner than expected.
Seoul dropped 1.38%, or 28.57 points, to 2,044.21, Hong Kong lost 0.66%, or 165.66 points, to 24,994.1, Shanghai slid 0.44%, or 9.75 points, to 2,230.46 while Sydney ended flat, edging up 4.3 points to 5,638.9.
In other markets, Bangkok rose 0.04%, or 0.64 points, to 1,551.41; telecoms company True Corp lost 4.55% to 10.50 baht while power giant Electricity Generating Public Co gained 4.75% to 165.50 baht.
Jakarta ended up 0.31%, or 15.97 points, at 5,206.14; Lender Bank Negara Indonesia gained 1.89% to 5,400 rupiah, while palm oil firm Astra Agro Lestari slipped 0.66% to 26,175 rupiah.
Kuala Lumpur lost 0.22%, or 4.08 points, to close at 1,874.81; Malayan Banking fell 0.2% to 10.06 ringgit, while plantation giant Sime Darby shed 0.2% to 9.48. SapuraKencana Petroleum added 1.5% to 4.19 ringgit.
Singapore rose 0.01%, or 0.44 points, to 3,324.09; United Overseas Bank was down 0.04% to Sg$22.86 while Singapore Airlines declined 0.40% to Sg$10.00.
Wellington rose 0.24%, or 12.58 points, to 5,152.92; Air New Zealand was up 0.71% at NZ$2.13 and Spark lifting 0.34% to NZ$2.91.
Taipei fell 0.37%, or 34.67 points, to 9,253.38; HTC fell 1.55% to Tw$127.0 while TSMC was 0.8% lower at Tw$124.5.
Traders were focused on China as the HSBC preliminary purchasing managers index (PMI), which tracks activity in the country’s factories and workshops, slipped to 50.3 in August.
The figure was down from a final reading of 51.7 in July and was the lowest for three months, the British banking giant said in a statement.
The indicator is a closely watched gauge of the health of the Asian economic powerhouse, with a reading above 50 indicating the sector is expanding. “Today’s data suggest that the economic recovery is still continuing but its momentum has slowed again,” HSBC economist Qu Hongbin said in the statement.
The downward trend in Asian markets came despite a positive lead from Wall Street, where the Dow Jones Industrial Average closed up 0.35% at 16,979.13 on Wednesday.
Minutes from the July 29-30 Fed meeting showed policy makers increasingly at odds over how strong the US labour market is and what that means for inflation—a key issue in planning rate hikes next year.
