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Asian shares oscillate between gains and losses

by Himanshu Singh on Dec 02, 2013 at 04:04

Asian shares oscillate between gains and losses

Asian shares oscillated between gains and losses as China’s manufacturing output exceeded expectations and retail sales in the US headed for the weakest holiday results in four years.

The MSCI Asia Pacific Index added 0.1% to 142 as of 11:04 a.m. in Tokyo. Japan’s Topix index increased 0.1% as reports showed Japanese capital spending surged 1.5% in the third quarter and company profits jumped 24.1%. Hong Kong’s Hang Seng Index added 0.6%, while China’s Shanghai Composite Index was little changed.

South Korea’s Kospi Index fell 0.3% as reports showed that the annual inflation rate quickened to 0.9% in November from 0.7% in October and manufacturing growth accelerated. Australia’s S&P/ASX slipped 0.9% and New Zealand’s NZX 50 Index lost 0.3%.

China’s manufacturing purchasing managers’ index, released on Sunday, came in at 51.4 for November, matching the 18-month high reached in October and beating 24 of 26 estimates in a Bloomberg News survey.

A separate report for HSBC Holdings Plc and Markit Economics on Monday showed PMI was at 50.8 last month, compared with 50.9 in October.

In company news, Canon Inc., the world’s biggest camera maker, slipped 1% in Tokyo. KT Corp. fell 5.9% after the South Korean phone company forecast lower dividends. Industrial & Commercial Bank of China Ltd. added 1.3%, pacing an advance among Chinese lenders.

Metcash Ltd. (MTS) surged 6.4% in Sydney after the supplier of groceries to retailers posted first-half underlying profit that beat analyst estimates.

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