Asian stocks nearly erased gains, led by Hong Kong shares, after capping a six-week gain at the last close. Hong Kong’s Hang Seng Index slumped 1.5%, reversing a 0.9% advance. Most shares on Japan’s Topix index rose as oil and coal producers advanced, countering declines by telecommunications companies. The Nikkei 225 Stock Average closed at an almost five-month high, added 0.1%.
Shares rose earlier as HSBC Holdings Plc/Markit Ltd. preliminary index of factory activity for China beat estimates.
The preliminary reading of the China Purchasing Managers’ Index from HSBC Holdings Plc and Markit Ltd. for June climbed to 50.8, beating the median economist forecast of 49.7.
China’s economy will grow 7.4% in the April-June period from a year earlier, based on the median estimate in May. That would be the same pace as the first three months, which was the weakest in six quarters. Gross domestic product rose 7.7% in 2013 and 2012, down from an average 10.6% a year in the previous decade.
JX Holdings Inc., a refiner, climbed 1.9% as oil and coal companies climbed the most among the 33 Topix industry groups. Cosmo Oil Co. rose 2.3% as West Texas Intermediate oil rose for a third day as militants in Iraq seized more territory and President Barack Obama warned that the crisis may spill over into other countries.
Olympus Corp. gained 4.9%, the second-largest advance on the Nikkei 225, after Goldman Sachs Group Inc. reiterated its buy rating on the endoscope maker. First-quarter operating profit is likely to double from a year earlier to 16.5 billion yen ($162 million), according to Goldman Sachs.
Phone companies retreated. SoftBank Corp., a mobile-phone operator, sank 2.2% and NTT Docomo Inc. sank 1.7%.
Honda Motor Co. slid 0.6% after announcing a recall of about 2 million vehicles. Nissan Motor Co. dropped 1.5%. The two firms recalled almost 3 million vehicles to repair flaws in Takata Corp. air bags, adding to a call back by Toyota Motor Corp. earlier this month.
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