Asia Mostly Up Ahead Of Economic Readings

12/2/2024 8:13:49 AM

(MENAFN- Baystreet) Asia-Pacific markets traded mostly higher on Monday as the region kick-started a data-heavy week, with investors focused on economic readings from several countries, including Japan, South Korea and China.
In Japan, the NIKKEI 225 index regained 304.99 points, or 0.8%, to 38,613.02.
In Hong Kong, the Hang Seng Index climbed 126.68 points, or 0.7%, to 19,550.24. The Hang Seng Mainland Properties Index advanced about 0.42% after growth in China's new home prices accelerated in November.
South Korea's markets were the outlier on Monday, after preliminary trade data revealed exports grew at their slowest pace since September 2023 over the weekend.
Exports grew 1.4% year on year in November, missing expectations of a 2.8% growth from economists polled by Reuters and a sharp decline from the 4.6% rise in October.
Australia's retail sales rose 3.4% in October, its fastest year-on-year rise since May 2023. Its shares hit a new record high Monday.
CHINA
In Shanghai, the CSI 300 prospered 31.05 points, or 0.8%, to 3,947.63.
Over the weekend, China released its official purchasing managers' index reading for November. Manufacturing PMI came in at 50.3 - its highest level since April - beating the 50.2 expected by economists polled by Reuters. Manufacturing PMI came in at 50.1 in October.
China's non-manufacturing PMI slipped to 50.0 from 50.2 in the previous month, while composite PMI held steady at 50.8.
A reading higher than 50 shows expansion in activity, while below that shows contraction.
On Monday, manufacturing PMI readings from S&P Global will be released for economies throughout Asia, including the Caixin PMI survey for
China.
In other markets
In Taiwan, the Taiex surged 474.43 points, or 2.1%, to 22,736.93
In Korea, the Kospi index lost 1.43 points, or 0.1%, to 2,454.48.
In Singapore, the Straits Times Index gained 12.06 points, or 0.3%, at 3,751.35.
In New Zealand, the NZX 50 popped 47.76 points, or 0.4%, to 13,114.68
In Australia, the ASX 200 advanced 11.62 points, or 0.1%, to 8,447.85.

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