The manufacturing PMI declined to a six-month low of 49.1, a faster contraction compared to the 49.4 seen in July
Asia-Pacific markets were mixed on Monday, with some major markets reversing losses as investors assessed China’s business activity figures released over the weekend, while awaiting a slew of data due later this week.
China released its official purchasing managers’ index (PMI) data for August. The manufacturing PMI declined to a six-month low of 49.1, a faster contraction compared to the 49.4 seen in July.
On the other hand, China’s non-manufacturing PMI jumped to 50.3, up from July’s 50.2.
Among the economic data coming out from major markets are inflation figures from South Korea, Australia’s second-quarter GDP data, as well as data on pay and household spending from Japan later this week.
Hong Kong Hang Seng index skidded 1.77%, while the CSI300 dropped 1.47%, dragged down by real estate stocks.
On the HSI, property developer New World Development was the biggest loser, with shares plummeting 14.14% after the firm forecast a loss of around 19 to 20 billion Hong Kong dollars ($2.6 billion) for its financial year 2024.
Japan’s Nikkei 225 added 0.14% to end at 38,700.87, while the broad based Topix was up 0.12% at 2,715.99. The Nikkei briefly crossed the 39,000 mark earlier in the session, making it the first time that the index had crossed 39,000 since July 31.
South Korea’s Kospi was higher 0.25% at 2,681, while the small cap Kosdaq added 0.2% and closed at 769.21.
Australia’s S&P/ASX 200 reversed losses and gained 0.22% to 8,109.9. At this level, the index is less than 5 points from its all time closing high of 8,114.7.
