(MENAFN– ecpulse)
Asian equity markets were mixed on the first trading day of 2014 due to China’s disappointing manufacturing data, while Japanese markets remain closed for holiday and will resume trade on January 6. New Zealand’s market was also closed for holiday.
- The MSCI Asia Pacific Index excluding Japan fell 0.5% to 465.81 as of 14:40 in Hong Kong erasing gains of as much as 0.2%
Factory activity in China expanded at the slowest pace in 3 months in December at 51.00, but since the reading was above 50 it suggests that business activity is still expanding. Meanwhile, concerns of strained liquidity weighed on financials.
- Shanghai Composite closed 0.31% lower at 2109.39
- Hong Kong’s Hang Seng closed 0.14% higher at 23340.05
In Australia, stocks rose to a new 5-week high after finding support from mining stocks as copper prices hovered around a 4-month high, while in South Korea stocks fell as the weaker yen weighed on exporters and overshadowed the strong manufacturing data.
- The S&P/ASX 200 closed 0.29% higher at 5367.91
- Kospi closed 2.20% lower at 1967.19
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