Hong Kong stocks jumped to lead most Asian equity markets higher Monday after manufacturing data on China signaled an improvement in the world’s second-largest economy.
The benchmark Hang Seng Index ended 2% higher to clinch a third straight trading day of gains, Japan’s Nikkei Stock Average rose 1.4% and Australia’s S&P/ASX 200 added 1%.
China’s Shanghai Composite itself ended flat after moving in both directions, while South Korea’s Kospi dropped 0.1% at the end of a choppy session.
The broad advances came after official Chinese data released over the weekend showed the manufacturing Purchasing Managers’ Index for August rose to 51.0 from 50.3 in July. The final reading of a separately conducted survey by HSBC and Markit, released Monday, also put the August PMI reading at 50.1, rebounding strongly from an 11-month low of 47.7 in July.
The gains in Asia follow a drop on Wall Street Friday, and amid lingering worries the U.S. may lead a military intervention in Syria, even as President Barack Obama is seeking congressional support for such a move. U.S. stock markets will be closed Monday for Labor Day holiday.
Leading stock gains in Hong Kong, China Shenhua Energy Co. jumped 5%, Sands China Ltd. climbed 4.3% and heavyweight China Construction Bank Corp. advanced 2.5%.
China Railway Construction Corp. jumped 3.4% and China Railway Group Ltd. gained 0.5% after each posted a more than 45% jump in first-half profits.
The Shanghai-listed shares of China Railway Construction and China Railway Group rose 3% and 0.7%, respectively.
Shares of Aluminum Corp. of China, or Chalco , gained 1.9% in Hong Kong and 0.3% in Shanghai despite a loss at the company in the first half of 2013.
The advance in Tokyo came as the U.S. dollar climbed back above the ¥99-level, providing a lift to several internationally exposed corporations.
Pharmaceutical major Daiichi Sankyo Co. added 3.3%, Japan Tobacco Inc. gained 1.7% and Isuzu Motors Ltd. advanced 2.2%.
Meanwhile, major miners advanced in Sydney after the Chinese PMI data.
Rio Tinto Ltd. rose 1.6% and Fortescue Metals Group Ltd. climbed 2.4%, although gold miners underperformed after the precious metal’s prices dropped under the $1,400-an-ounce level.
Shares of Westpac Banking Corp. advanced 1.4% and National Australia Bank Ltd. gained 1.2% ahead of an expected decision on Tuesday by Australia’s central bank rate to hold the benchmark interest rate at 2.5%.
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