Asian Stock Market Mixed as China’s Manufacturing Data Boosts Sentiment
On Monday’s trading session, the Asian stock market showed mixed performance, with the Shanghai Composite having an increase of 1% following positive surveys indicating enhancements in China’s manufacturing sector.
On Sunday, China’s National Bureau of Statistics released the survey results revealing that the official manufacturing PMI, also known as the purchasing managers index, reached 50.8 in March, marking its most robust figure since March 2023.
In March, the Caixin/S&P Global China manufacturing purchasing managers’ index stood at 5.11, showing a notable surge from February’s reading of 50.9 and marking its highest level since February 2023. This survey, distinct yet comparable, echoes the positive momentum observed in China’s manufacturing sectors.
Wang Zhe, a senior economist at Caixin Insight Group stated that Chinese manufacturers have increased production, while also raising their purchasing levels amid improved optimism. In addition, a series of policies were implemented earlier this year to boost growth and are gradually yielding results.
He also noted that China’s aim for approximately 5% economic growth is “ambitious”. Considering the challenges posed by employment constraints and persistently low prices, there is a call for endeavors to enhance the efficiency and quality of growth.
Meanwhile, Sydney and Hong Kong were closed today for the Easter Monday holiday.
The Nikkei 225 witnessed a 1.4% decline, closing at 39,803.09 following the release of the Bank of Japan’s quarterly survey on business conditions. The survey revealed a decrease in sentiment among large manufacturers, including automotive and electronics giants marking the first decline in March after a year of consistent growth.
Hang Seng index, on the other hand, increased by 0.91% closing at 16,541.42, while Shenzhen went up by 2.62% closing at 9,647.07. South Korea’s Kospi slightly went up by 0.04 closing at 2,747.86 as well as India’s Nifty 50 seeing a slight rise of 0.56% closing at 22,449.6.
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