Stocks in Asia-Pacific dropped in Monday trade as investors digested the release of China’s official manufacturing Purchasing Managers’ Index (PMI) for November.
China’s National Bureau of Statistics announced Monday that the official manufacturing PMI for November was at 52.1. That was above expectations for a 51.5 reading forecast by analysts in a Reuters poll.
PMI readings above 50 signify expansion while those below that level represent contraction. PMI readings are sequential and show month-on-month expansion or contraction.
Mainland Chinese stocks shed earlier gains to slip on the day: The Shanghai composite declined 0.49% to approximately 3,391.76 while the Shenzhen component dipped 0.152% to around 13,670.11.
Hong Kong’s Hang Seng index dropped 2.06% to close at 26,341.49.
Monday’s data release represented the ninth straight month of expansion for Chinese manufacturing recovery as the country continues to see a strong bounce from the coronavirus pandemic.