Asian stock markets were mostly higher Monday, shrugging off weak Chinese economic data.
Japan’s Nikkei 225 returned from a long weekend to gain 251.07 points, or 1.8%, to 14,475.30
The Hang Seng Index in Hong Kong bolted 409.75 points, or 1.9%, higher to 21,846.45
Meanwhile, Japan will probably have its own set of market drivers ahead of an increase in the national sales tax on April 1.
The U.S. dollar also ticked higher from its prior range--a boon for regional exporters. It was last seen changing hands at ¥102.52
In Japan, stocks offering high dividends or other shareholder benefits enjoyed a decent bounce before the dividend record date on Wednesday, with Daiichi Sankyo Co Ltd and ANA Holdings Inc rising 4% and 3.2%, respectively.
In Hong Kong, ports-to-telecoms conglomerate Hutchison Whampoa fell 4.7% after it announced Singapore state investor Temasek holdings agreed to buy a 24.9% stake in its retail business A.S. Watson for about HK$44 billion ($5.7 billion U.S.).
CHINA
The Shanghai Shenzhen CSI 300 gained 17.76 points, or 0.8%, to 2,176.55
Markets didn’t seem greatly affected by preliminary HSBC China purchasers manufacturing index figures showing that activity continued to fall in March. The data hit an eight-month low of 48.1 in the month from 48.5 in February, missing expectations.
A reading below 50 reflects a contraction, while one above 50 shows an expansion.
But HSBC also said it expects Beijing to launch a series of policy measures to stabilize growth.
Finance and insurance sectors saw the biggest gains in mainland markets, with Industrial and Commercial Bank of China and Minsheng Bank posting gains of 1.2% and 1.1!, respectively.
Investors are awaiting earnings from Chinese banks such as Agricultural Bank of China and China Construction Bank later this week.
In other markets;
In Taiwan, the Taiex recovered 28.21 points, or 0.3%, to 8,605.38
Singapore’s Straits Times Index added 38.44 points, or 1.3%, to 3,111.83
Korea’s Kospi Index climbed 10.61 points, or 0.6%, to 1,945.55
The New Zealand Exchange 50 index dropped 6.38 points, or 0.1%, to 5,118.62
In Australia, the S&P/ASX 200 nicked ahead 8.81 points, or 0.2%, to 5,346.89
