Stocks in Shanghai moved higher Monday on further signs of an improving Chinese economy, while Southeast Asian markets gave up some of the gains they made after the U.S. Federal Reserve’s decision to leave stimulus unchanged.
The HSBC report showed Chinese manufacturing activity at a six-month high in September to 51.2 compared with a final score of 50.1 in August.
The Shanghai Composite rose 0.8%, while Australia’s S&P ASX 200 pared some of its earlier losses and was last down 0.5%.
South Korea’s Kospi gained 0.3%, while Shanghai was also trading for the first time since the Fed decision.
But markets that had already had a chance to react to the Fed decision took their lead from Wall Street, which failed to hold on to its gains from earlier in the week as the central bank continued to dominate attention.
On Friday, St Louis Fed President James Bullard said that the central bank could make a small stimulus reduction at its next meeting in October.
Indonesia’s JSX dropped 0.7%, Singapore’s Strait Times Index lost 0.7%, and Thailand’s fell 1.2%.
Some of Asia’s largest markets were closed Monday however, with Japan shut for a public holiday, while Hong Kong cancelled its morning session after Typhoon Usagi hit the city.
Sharp losses on Wall Street on Friday helped weigh on some shares with a 2.3% drop for HSBC Holdings PLC.
Similarly, Standard Chartered PLC fell 2.9%, while losses for gold futures sent Zijin Mining Group Co. down 4%.
Some consumer-staple shares rose, however, helped by the China data, with Hengan International Group Co. and China Mengniu Dairy Co. each up 3%, while Want Want China Holdings Ltd. rose 1.2%.
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