China mixed on economic news


(MENAFN- Baystreet.ca) China mixed on economic news

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Stocks in Asia-Pacific were mixed on Tuesday, as data showed slower growth in Chinese factory activity in August.
The Nikkei 225 climbed 300.25 points, or 1.1%, to 28,089.54.
The Japanese yen was trading at 109.84 per dollar, lower than the levels below 109.8 seen against the greenback yesterday.
In Hong Kong, the Hang Seng Index climbed 339.45 points, or 1.3%, to 25,878.99.
Hong Kong-listed shares of Tencent and Netease were mixed amid regulatory fears. Tencent recovered from previous losses to rise 3.31% on Tuesday while Netease fell 2.07%.
This came after new rules released on Monday by China’s National Press and Publishing Administration showed plans to limit the time under-18s spend playing video games to just three hours a week. .
The Australian dollar was at $ 0.733, against a previous low of $ 0.7286.
CHINA
In Shanghai, the CSI 300 lost 7.66 points, or 0.2%, to 4,805.61.
Chinese factory activity increased at a slower pace in August compared to the previous month, data showed Tuesday. The official purchasing managers index for the manufacturing sector for the month of August stood at 50.1, down from 50.4 in July.
Meanwhile, the official non-manufacturing PMI for August stood at 47.5 – its lowest reading since the pandemic peaked in early 2020.
PMI readings above 50 represent expansion, while those below this level signal contraction. PMI readings are sequential and represent month-to-month expansion or contractions.
In other markets
In Korea, the Kospi index rose 55.08 points, or 1.8%, to 3,199.27
In Singapore, the Straits Times recovered 21.34 points, or 0.7%, to 3,102.11
In Taiwan, the Taiex index triumphed by 93.77 points, or 0.5%, to 17,420.29
In New Zealand, the NZX 50 added 38.25 points, or 0.3%, to 13,218.83.
In Australia, the ASX 200 rose 30.36 points, or 0.4%, to 7,534.90

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