Asia stocks rising
During the afternoon trade, Asia stocks ascended.
As Chinese manufacturing data related to factory activity went beyond the expectations, the stocks in Asia started trading higher. This was based on a private survey of Chinese factory activity in November which went beyond the expected, on Monday.
Japanese stocks were the leading stocks among major markets in the region. The Nikkei 225 gained 1.1% in afternoon trade. Shares of Fanuc index, which is a heavyweight and robot maker Fanuc, added 1.48% whereas the Topix index also jumped 1.03%.
Mainland Chinese stocks soared by afternoon as the Shanghai composite and Shenzhen component gaining 0.35% and 0.53% respectively. The Shenzhen composite rose 0.476% and Hong Kong’s Hang Seng index also added 0.46%.
Meanwhile, South Korea’s Kospi traded 0.35% higher. Shares in Australia showcased gains as the S&P/ASX 200 rose 0.58%.
Overall, the MSCI Asia ex-Japan index traded 0.47% higher.
“The move back into expansionary mode in China’s official manufacturing PMI is good news … (but) also somewhat tempered by the facts China’s industrial sector is still besieged by deflationary risks and rising borrowing costs while the domestic consumer remains constraint by higher food prices,” Rodrigo Catril, senior foreign exchange strategist at National Australia Bank, stated in a note.