Asia Recovers on China PMI Data

Stocks in Asia-Pacific rose on Monday, as data releases showed China’s manufacturing activity growth slowing in February.

The Nikkei 225 rebounded from Friday’s selloff, gaining 697.49 points, or 2.4%, to 29,663.50.

The Japanese yen traded at 106.56 per U.S. dollar, weaker than levels below 105.6 against the greenback seen last week.

In Hong Kong, the Hang Seng regained 472.36 points, or 1.6%, to 29,452.57.

Shares of CNOOC listed in the city, however, dropped 1.08%. That came after the New York Stock Exchange announced Friday that it will commence delisting proceedings against CNOOC following an update to an executive order signed by former U.S. President Donald Trump in November.

The Australian dollar changed hands at $0.7752, having slipped from levels above $0.792 last week.

CHINA

In China, the CSI 300 restocked 82.03 points, or 1.5%, to 5,418.79.

China’s official manufacturing Purchasing Managers’ Index (PMI) for February came in at 50.6 over the weekend, according to data released by the country’s National Bureau of Statistics.

That was lower than January’s reading of 51.3 but still above the 50 level that separates expansion from contraction.

A private survey released Monday also showed China’s manufacturing activity in February growing at a slower pace.

The Caixin/Markit manufacturing PMI came in at 50.9, a decline from January’s reading of 51.5.

Levels above 50 in PMI readings represent expansion while those below that signify contraction. PMI readings are sequential and show on-month expansion or contraction.

In other markets

Markets in Taiwan and Korea were closed for holiday

In Singapore, the Straits Times index added 23.96 points, or 0.8%, to 2,973.

In New Zealand, the NZX 50 jumped 74.52 points, or 0.6%, to 12,301.81.

In Australia, the ASX 200 recovered 116.28 points, or 1.7%, to 6,789.55