Asian stocks rose, with a regional index of shares outside Japan rebounding from the biggest loss yesterday since August.
Japanese markets were shuttered for a holiday
The Hang Seng Index in Hong Kong recovered 254.54 points, or 1.2%, to 21,436.70
Li & Fung Ltd. surged 21% in Hong Kong after the world’s largest supplier of clothes and toys to retailers reported profit that beat analyst estimates and proposed to spin off its branding and licensing business.
Gome Electrical Appliances Holding gained 4.2% as earnings exceeded forecasts. Metcash Ltd. slumped 9.5% in Sydney after the consumer goods marketing firm missed profit projections and said it will cut its dividend.
PetroChina Co. gained 3.2% in Hong Kong. The country’s biggest oil and gas producer said it’s cutting spending, and net income for last year rose 12% to 129.6 billion yuan.
CHINA
The Shanghai CSI 300 Index hiked 71.83 points, or 3.4%, to 2,158.80
The gauge slid to a five-year low yesterday as Goldman Sachs Group Inc. cut its growth outlook for China.
Chinese equity funds had a record outflow of $1.5 billion U.S. for the week ended March 19, of which $1.3 billion U.S. came from exchange-traded funds, according to Citigroup Inc., citing EPFR Global data.
The HSBC/Markit China manufacturing purchasing managers’ index will come in at 48.7 for this month, compared with 48.5 in February, according to analysts surveyed by Bloomberg. A reading below 50 signals a contraction.
The China Beige Book survey, published by New York-based CBB International, showed the nation’s economy slowed this quarter, with revenue growth in industries including retail and mining weakening. Loans through non-traditional channels became more expensive, it said.
In other markets;
In Taiwan, the Taiex dropped 20.16 points, or 0.2%, to 8,577.17
Singapore’s Straits Times Index regained 16.19 points, or 0.5%, to 3,073.39
Korea’s Kospi Index climbed 15.42 points, or 0.8%, to 1,934.94
The New Zealand Exchange 50 index settled 35.39 points, or 0.7%, to 5,125
In Australia, the S&P/ASX 200 spiked 44.08 points, or 0.8%, to 5,338.08
