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Asian shares gain on China manufacturing data
by Himanshu Singh on Sep 02, 2013 at 04:18
Asian stocks advanced on Monday after a gauge of China’s manufacturing increased to a 16-month high, boosting investor confidence in the global economic recovery.
The MSCI Asia Pacific Index advanced 0.6% to 131 as of 9:44 a.m. in Hong Kong. Japan’s Topix rose 0.7% as the yen fell 0.4% to 99 per dollar. Australia’s S&P/ASX 200 Index advanced 1% and New Zealand’s NZX 50 Index gained 0.5%.
South Korea’s Kospi index was little changed. Hong Kong’s Hang Seng Index jumped 1.9% and China’s Shanghai Composite increased 0.4%. Singapore’s Straits Times Index added 0.3% and Taiwan’s Taiex Index rose 0.1%.
Shares gained after China’s manufacturing purchasing managers’ index, the official government measure, rose to 51 in August, beating the median economist estimate and rising from 50.3 in July.
Meanwhile, JP Morgan Chase on Sunday joined Deutsche Bank and Credit Suisse Group in raising estimates for an increase in Chinese gross domestic product, citing strength in infrastructure and real-estate.
Japanese exporters gained as the yen weakened. Toyota Motor Corp., Asia’s largest carmaker, climbed 1.4% in Tokyo as the yen fell against the dollar. Nissan Motor Co., which gets 80% of its sales abroad, rose 0.8% to 985 yen. Honda Motor Co. advanced 0.9% to 3,575 yen.
Fanuc Corp., a maker of controls to run machine tools that earns 72% of revenue in Asia, climbed 1.5%.
Billabong International Ltd. surged 22% after the surfwear company that’s already fielded five takeover and refinancing proposals since February 2012, said Coastal Capital International Ltd. is seeking a board shakeup.
On the negative side, Tokyo Electric Power Co. sank 4.8% after finding water leaking from a connecting pipe of a storage tank at the Fukushima Dai-Ichi nuclear plant.
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