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Asian shares surge on China manufacturing

by Himanshu Singh on Dec 03, 2012 at 03:18

Asian shares surge on China manufacturing

Asian markets rose on Monday in morning trade, with the regional benchmark index heading for its highest close in seven months, after figures showed Chinese manufacturing expanded last month, but stagnant U.S. budget talks kept investors cautious and capped prices.

The MSCI Asia Pacific Index increased 0.5% to 125 as of 11:12 a.m. in Tokyo. The Nikkei 225 Stock Average gained 0.7% in Tokyo and South Korea’s Kospi Index added 0.3%. Australia’s S&P/ASX 200 Index climbed 0.7%. Hong Kong’s Hang Seng Index advanced 0.6%, while China’s Shanghai Composite Index increased 0.2%.

Shares gained after China’s official Purchasing Managers’ Index showed the measure of 50.6 in November, the highest in seven months, data released by the National Bureau of Statistics and China Federation of Logistics and Purchasing on December showed.

Separately, a survey by HSBC Holdings Plc and Markit Economics of smaller businesses also showed an expansion.

The new Chinese leadership headed by Xi Jinping is likely to maintain its annual economic growth target at 7.5% next year, according to nine of 16 analysts surveyed by Bloomberg News.

Metallurgical Corp. of China surged 3.6% in Hong Kong. Hyundai Motor Co., South Korea’s biggest carmaker, rose 1.8% after saying U.S. vehicle sales increased last month.

Shimizu Corp., a construction company, advanced 5.2% on speculation a deadly highway-tunnel collapse will reduce opposition to more public works spending.

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