Asian shares turned higher Thursday, shaking off a weak start following an encouraging reading on non-manufacturing activity in China.
Stocks in Hong Kong and Australia led gainers in Asia’s major stock markets: the Hang Seng Index climbed 1% and the S&P/ASX 200 rose 0.3%.
Japan’s Nikkei also turned higher as the U.S. dollar gained ground against the yen. Markets in mainland China remained closed for the Golden Week holiday.
Nissan Motor Co. shares slipped 0.2% while Honda Motor Co. picked up 0.5%.
Sharp Corp. shares slumped 2.6%, moving toward their fourth consecutive loss, but Toshiba Corp. gained 0.5%.
Meanwhile, Tokyo Electric Power Co. dropped 3.1% after a Kyodo News report that the company has found a new leak of radioactive water from another storage tank at the crippled Fukushima Daiichi nuclear power plant.
China’s official non-manufacturing Purchasing Managers’ Index rose to a six-month high of 55.4 in September from 53.9 in August, adding to a growing roster of evidence that China’s economy has turned a corner in recent months.
Advancers included consumer-goods distributor Li & Fung Ltd. and snack foods and beverage maker Want Want China Holdings Ltd. , with their shares up by 1.1% and 0.7%, respectively.
Meanwhile, Forgame Holdings Ltd. rallied 24% in the debut of the online games maker’s shares in Hong Kong.
In Australia shares of gold producer Newcrest Mining Ltd. gained 2.4%, reaching for their first advance in three sessions, and shares of BHP Billiton Ltd. and Rio Tinto Ltd. each rose 1%.
Financial issues were up, with Westpac Banking Corp. higher by 0.7%.
In other moves, shares of Leighton Holdings Ltd. slid 9.1% following a Fairfax Media report that the construction company paid millions of dollars in kickbacks to win contracts in Asia and other areas.
Taiwan’s Taiex rose 1.4% as stocks tied to improving domestic demand in China rallied.
Food maker Uni-President Enterprises jumped 4.8% and energy firm Formosa Petrochemical gained 1.7%.
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