Stocks in Asia-Pacific saw mixed moves 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.
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.
Mainland Chinese stocks were higher by the afternoon: The Shanghai composite was up 1.07% while the Shenzhen component added 0.701%.
Hong Kong’s Hang Seng index dipped 0.5%. Shares of HSBC listed in the city shed 0.6% following a Financial Times report that the bank is considering an exit from U.S. retail banking.
Markets elsewhere in the region were lower.
In Japan, the Nikkei 225 declined 0.51% while the Topix index fell 1.08%.
South Korea’s Kospi was 0.39% lower.