China shares closed higher Monday, recovering from an early fall after a reading of the country’s manufacturing activity slowed more sharply than initially expected, a further sign the economy is flagging.
Tokyo was closed for a holiday Monday. The Nikkei Stock Average fell 2.4% last week, its sharpest weekly decline since December, in reaction to weakness in the U.S. economy.
In Hong Kong, the Hang Seng Index returned from holiday to lose 9.18 points to 28.123.82.
The Hang Seng, marking its longest winning streak in more than two years, has gained 19%.
CHINA
The Shanghai CSI 300 returned from a long weekend to gain 37.86 points, or 0.8%, to 4,787.74
The HSBC China manufacturing purchasing managers index was 48.9 for April, down from a preliminary reading of 49.2 and a drop from 49.6 in March. A reading below 50 indicates a contraction in activity. The reading was also lower than an official gauge that registered 50.1 in April, unchanged from March.
In other markets
In Korea, the Kospi resumed trading, gaining 5.06 points, or 0.2%, to 2,132.23
In Taiwan, the Taiex gained 24.99 points, or 0.3%, to 9.845.04
In Singapore, the Straits Times index resumed trading with a decline of 4.59 points, or 0.1%, to 3,482.76
In New Zealand, the NZX 50 slid 30.32 points, or 0.5%, to 5,767.08
In Australia, the S&P/ASX 200 gained 13.14 points, or 0.2%, to 5,827.54.
