Arab Today, arab today asian shares mixed after weak china pmi
Last Updated : GMT 15:33:42
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Asian shares mixed after weak China PMI

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Arab Today, arab today Asian shares mixed after weak China PMI

Hong Kong - AFP

Asian markets were mixed Monday following losses on Wall Street and after a survey indicated manufacturing activity in China was contracting at a faster rate than initial results suggested. Traders are also keeping a nervous eye on the crisis in Ukraine, where unrest has spread from the east to the south while Russia has warned the country's leaders to halt a military operation against pro-Kremlin rebels. Hong Kong tumbled 1.28 percent, or 284.34 points, down at 21,976.33, while Sydney was flat, edging up 4.14 points to 5,462.2 and Shanghai reversed early losses to also end flat, edging up 0.99 points to 2,027.35. Singapore was down 0.11 percent in the afternoon. Tokyo, Seoul and Bangkok were closed for public holidays. Banking giant HSBC said Monday its purchasing managers index (PMI) for China last month came in at 48.1, a tad up from the 48.0 in March but weaker than the 48.3 reported in its preliminary report on April 23. The result adds to fears for the world's number two economy and key driver of global growth following a slew of weak data recently, including on trade and investment. A figure below 50 indicates contraction while anything above points to growth. Last week the government's official PMI reading came in at 50.4 for April from 50.3 in March. Monday's figures showed domestic demand deteriorated at a slower pace but remained sluggish, while the new export orders and employment sub-indices both contracted, Qu Hongbin, a Hong Kong-based economist with HSBC, said in the statement. "These indicate that the manufacturing sector, and the broader economy as a whole, continues to lose momentum," he said. - Yellen testimony in focus - On currency markets Monday the dollar bought 102.08 yen compared with 102.19 yen in New York on Friday. The euro fetched $1.3872 against $1.3869, while it was also at 141.60 yen from 141.78 yen. Traders will be scrutinising Federal Reserve chief Janet Yellen's testimony to Congress on Wednesday to see if she provides any clues about the state of the US economy and the bank's plans for it stimulus programme. Oil prices were lower. The US benchmark, West Texas Intermediate for June delivery, fell two cents to $99.74 in afternoon trade, while Brent North Sea crude for June dipped 25 cents to $108.34. Gold fetched $1,308.83 at 0805 GMT compared with $1,285.81 on Friday. In other markets: -- Taipei was flat, nudging up 3.11 points to 8,870.43. Taiwan Semiconductor Manufacturing Co was 0.85 percent off at Tw$117.0 while leading chip design house MediaTek rose 1.58 percent to Tw$513.0. -- Wellington fell 0.62 percent, or 32.66 points, to 5,200.25. Contact Energy was down 2.41 percent at NZ$5.66 and Fletcher Building slipped 0.10 percent to NZ$9.76. -- Manila rose 0.35 percent, or 23.60 points, to 6,766.46. GT Capital Holdings edged up 0.11 percent to 880.50 pesos, Philippine Long Distance Telephone added 0.07 percent to 2,890.00 pesos and SM Investments jumped 3.23 percent to 751.00 pesos.

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