China Rises On Factory Data

(MENAFN- Baystreet) China stocks rose Monday as investors assessed the country's business activity, while Japan stocks closed lower as business optimism fell.
In Japan, the Nikkei dumped 566.35 points, or 1.4%, to 39,803.09.
Japan's first-quarter Tankan survey showed that business optimism among large manufacturers fell, with the gauge at +11 compared with +12 in the last survey.
However, optimism among non-manufacturers rose, with the Tankan gauge at +34 compared with +30 in the fourth quarter and beating Reuters expectations of +33.
The survey gauges business sentiment, which the Bank of Japan monitors when formulating monetary policy.
Markets in Hong Kong, Australia and New Zealand were closed for holiday.
CHINA
In Shanghai, the CSI 300 gained 58.17 points, or 1.6%, to 3,595.65.
China's National Bureau of Statistics data showed that manufacturing activity expanded in March, with the purchasing managers index registering a reading of 50.8, compared to February's reading of 49.1.
Economists polled by Reuters expected a reading of 49.9, which still represented a contraction in the sector.
The Caixin Global manufacturing survey for March showed China's factory activity expanded at its fastest rate in 13 months. The private PMI reading came in at 51.1, above expectations for 51.
In other markets
In Korea, the Kospi index nicked ahead 1.23 points to 2,747.86.
In Taiwan, the Taiex index dropped 72.12 points, or 0.4%, to 20,222.33.
Singapore's Straits Times Index picked up 10.88 points, or 0.3%, to 3,234.89.

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