Most Asian markets rose Thursday after a survey showed China manufacturing activity expanded for the first time in more than a year, reaffirming an improvement in the Chinese economy, though Shanghai stocks fell after a strong rebound the previous day.
Japan’s Nikkei 225 Index zoomed 144.28 points, or 1.6%, to end the week at 9,366.80, as further weakness in the yen spurred the nation’s exporters. The performance gave the benchmark Average a 3.8% gain for this week, its second in a row. Japanese markets will be closed for a holiday on Friday.
In Hong Kong, the Hang Seng index leaped another 218.84 points, or 1%, to 21,743.20, on top of Wednesday’s near-300-point jump.
The overall strong performance came in the wake of a higher finish on Wall Street Thursday, ahead of the Thanksgiving holiday in the U.S., and on improved sentiment over the Chinese economy.
In Hong Kong, China Resources Land Ltd. climbed 3.5% and consumer-product maker Hengan International Group Ltd. rose 1.4%, while in Seoul, Hyundai Engineering & Construction Co. gained 3.8%, and Kia Motors Corp. advanced 2%.
Meanwhile, Japanese exporters rallied in what has become a familiar story of late, as the yen fell to its lowest point against the dollar since the spring.
With the U.S. dollar trading around the ¥82.5 level and the euro near ¥106 during the Japan trading session, blue-chip tech names saw solid gains in the last trading day ahead of a three-day weekend.
Sharp Corp. rose 4.3%, Advantest Corp. climbed 3.8% and Honda Motor Co. gained 3.5%.
Steel mills saw strength in Japanese and Australian markets. JFE Holdings Inc. added 3.9% in Tokyo, while BlueScope Steel Ltd. surged 11.1% in Sydney after an approving research note from Deutsche Bank, which retained its buy rating on the shares.
Miners were also enjoyed gains in Australian trade, with Alumina Ltd. climbing 4.2%, uranium extractor Paladin Energy Ltd. improving by 0.6%, and BHP Billiton Ltd. adding 1%.
Shares of surfwear maker Billabong International Ltd. leapt 6.6% after the Australian Financial Review reported it may list its e-commerce businesses as a spin-off.
CHINA
In Shanghai, resource and financial stocks broadly declined, weighing the overall market.
The Shanghai CSI 300 Composite Index shed 17.35 points, or 0.8%, to 2,177.55
Preliminary data released by HSBC Thursday showed China’s manufacturing Purchasing Manager’s Index climbed to 50.4 in November — the first reading above the 50-point level, which indicates an expansion, in 13 months, amid rising from a final reading of 49.5 in October.
The HSBC data, one of the earliest indicators on the health of the factories that drive a large part of the Chinese economy, added to gains for Hong Kong and South Korean shares in particular. It also boosted some other risk assets, including oil prices.
Jiangxi Copper Co. fell 1.6%, Yanzhou Coal Mining Co. shed 2.5% and China Construction Bank Corp. lost 0.5%.
In other markets
In Singapore, the Straits Times Index gained 26.33 points, or 0.9%, to 2,986.63
Korea’s Kospi index added 15.46 points, or 0.8%, to 1,899.50
Taiwan’s Taiex Index took on 17.27 points, or 0.2%, to 7,105.76
New Zealand’s NZX 50 gained 25.98 points, or 0.7%, to 3,997.21
Australia’s ASX Index prospered 43.57 points, or 1%, to 4,413.07
