We have updated our privacy policy and terms & conditions. Find out more here.

Asia stocks extend gains after upbeat China PMI; Nikkei up 1.5%

Stock MarketsNov 22, 2012 07:49AM GMT Add a Comment
Share with a Friend
Thanks for sharing
Emails have been sent to:
To send more emails click here
Investing.com - Asian stock markets were higher during late Asian trade on Thursday, adding to sharp gains following the release of data showing manufacturing activity in China expanded for the first time in more than a year last month.

During late Asian trade, Hong Kong's Hang Seng Index rose 1%, Australia’s ASX/200 Index ended up 1%, while Japan’s Nikkei 225 Index rallied 1.5%.

Midway through the session, data showed that China’s HSBC Flash Purchasing Managers Index, the earliest indicator of the country's industrial activity, rose to 50.4 in November from a final reading of 49.5 in October.

It was the first expansion in manufacturing activity since September 2011, easing concerns over the growth outlook for the world’s second largest economy.

In Hong Kong, the benchmark Hang Seng index extended gains following the China PMI report, pulled higher by Hong Kong-listed firms linked to China’s economic health.

Property developer Sun Hung Kai Properties jumped 1%, Sino Land rose 1.9%, while mainland developer China Overseas Land & Investment added 2.75%.

Elsewhere, in Tokyo, the Nikkei rallied to the highest level since May 2, as the yen’s ongoing weakness continued to boost exporters.

The yen has been weighed by speculation the country’s main opposition leader, Shinzo Abe will win next month's general election. Abe recently said he wanted the Bank of Japan adopt interest rates of zero or below zero to enhance lending.

Shares in Toyota added 2.3%, Honda gained 3.5%, while Canon advanced 3.3%.

Meanwhile, shares in Australia were dragged higher by gains in miners, boosted by the upbeat China manufacturing data.

Mining heavyweights Rio Tinto and BHP Billiton tacked on 1% and 0.25% respectively, while rare earth miner Lynas surged 7.1%, amid expectations operations at its controversial plant in Malaysia will begin in the near term.

Looking ahead, European stock market futures pointed to a higher open, hopes that a deal on an aid payment for Greece is close supported sentoment.

The EURO STOXX 50 futures pointed to a gain of 0.35% at the open, France’s CAC 40 futures advanced 0.35%, London’s FTSE 100 futures rose 0.35%, while Germany's DAX futures pointed to a gain of 0.4%.

Later in the day, the euro zone was to release preliminary data on manufacturing and service sector activity, while Germany and France were also to release individual reports.

Trade volumes were expected to remain light on Thursday, with U.S. markets closed for the Thanksgiving holiday.

Asia stocks extend gains after upbeat China PMI; Nikkei up 1.5%

Related Articles

Asian stocks sag, Greek worries continue to dog euro
Asian stocks sag, Greek worries continue to dog euro
By Reuters - Apr 01, 2015

By Shinichi Saoshiro TOKYO (Reuters) - Asian stocks sagged on Wednesday, taking their lead from weaker U.S. shares, while the dollar held to sizeable gains against a euro dogged ...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

UK 100
Are you sure you want to delete this chart?
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?

Successfully Reported

Thank you. This comment has been flagged for a moderator.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.