Asian stock markets gain on Monday after unexpected strong economic data from China’s manufacturing sector, which showed an expansion.
The official index of business activity in China, published on Sunday, showed that the manufacturing sector in the country rose significantly to a six-month high from 49.2 in February to 50.5 points in March. Later, data on Caixin China’s purchasing managers index in the manufacturing sector was presented over 4 months and the result rose from 49.9 points to 50.8 points to 50.8 in March, for the first time showing a positive trend, since any result exceeding the 50 points limit indicates to expand production. These data helped to ease existing fears about slowing economic growth in China.
The broadest MSCI’s composite index of the Asia-Pacific region outside of Japan added 1 percent.
Japan’s Nikkei 225 index increased by 1.43 percent to 21,509.03 at 7.20 GMT;
Australia’s ASX added 0.59 percent to 6,217;
South Korea’s Kospi gained 1.32 percent to 2,168.28;
China’s Shanghai Composite went up by 2.58 percent to 3,170.36;
Hong Kong’s Hang Seng Index inched higher 1.67 percent to 29,535.09.
Main indexes in Singapore reached a 0.93 percent growth, while Indonesia’s stock index was in the red zone, having fallen by 0.19 percent. Taiwan’s main index was approximately in flat, hovering near 0.01 percent up.