Stocks in Shanghai moved higher Monday on further signs of an improving Chinese economy, while Southeast Asian markets gave up some of the gains they made after the U.S. Federal Reserve’s decision to leave stimulus unchanged.
Japanese markets are shut Monday for a national holiday.
In Hong Kong, the Hang Seng index returned from an extended long weekend to fade 130.97 points, or 0.6%, to 23,371.54, Hong Kong cancelled its morning session after Typhoon Usagi hit the city.
The yen strengthened to ¥99.15 against the dollar in Asia, compared with ¥99.33 late Friday in New York.
Australian stocks dropped in early trade Monday, with the equity benchmark pulling away from five-year highs reached last week.
Shares of gold producer Newcrest Mining Ltd. stumbled 5.8%, slicing into last week's 9% surge, iron-ore miner Fortescue Metals Group Ltd. slumped 2.2% and BHP Billiton Ltd. slid 1.5%.
Banking issues were lower, with Commonwealth Bank of Australia down 0.4%, and among energy stocks, Woodside Petroleum Ltd. fell 1.2%.
Meanwhile, stock in Treasury Wine Estates Ltd. declined 2.7%, with the company saying Chief Executive David Dearie has left. The move comes weeks after Treasury Wines had to destroy thousands of gallons of wine in the U.S. because of poor sales.
CHINA
The Shanghai CSI 300 index returned from holiday to spring higher 39.78 points, or 1.6%, to 2,472.29
HSBC’s preliminary reading on Chinese manufacturing for September climbed to 51.2 compared with a final score of 50.1 in August. A score above 50 on the purchasing managers’ index indicates increasing factory activity, while a score below 50 points to a contraction.
This early indicator is the latest in a string of economic data in recent weeks that points to a recovery in Asia’s largest economy, picking itself from weakness earlier in the summer and supporting Chinese stocks
In other markets;
Korea’s Kospi index squeezed up 3.83 points, or 0.2%, to 2,009.41
Taiwan’s Taiex index rose 83.65 points, or 1%, to 8,292.83
The Singapore Straits Times Index dropped 23.28 points, or 0.7%, to 3,214.25
In New Zealand, the Exchange 50 Gross Index subtracted 29 points, or 0.6%, to 4,701.38
In Australia, the S&P/ASX 200 slid 24.23 points, or 0.5%, to 5,252.46
