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Asian Stock Markets Move Forward on Stronger Sino, Japan Economic Data

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Last updated: 12/02/2019 05:36:08

05:36 AM EST, 12/02/2019 (MT Newswires) -- Asian stocks markets gained Monday, following upbeat economic reports from Tokyo and Beijing. Japanese business capital spending was up 7.1% in Q3 year-over-year, while PMIs in China were stronger than expected and in positive territory, indicating expansion. Exchanges in Tokyo, Hong Kong and Shanghai finished in the green, as did most regional stock markets.

In Japan, the Nikkei 225 opened higher and gained in trading, finishing up 1.01%. In addition to the positive economic reports, the Japanese yen lost ground to the US dollar, considered a positive in export-oriented Japan.

The benchmark Nikkei 225 rose 235.59 to 23,529.50, as gaining issues outnumbered losers 197 to 23.

Leading the upside were battery-maker GS Yuasa (GYUAF, 6074:Tokyo), up 4.0%, followed by electronics-and-materials manufacturer Taiyo Yuden (TYOYY, 6976:Tokyo), up 3.8%, and then industrial-and-engineering concern Hitachi Zosen (HTHIY, 7004:Tokyo), up 3.6%.

On the downside were electrical-equipment maker Fujikura (FKURF, 5803:Tokyo), off 2.6%, and then Suzuki Motors (SZKMF, 7269:Tokyo), off 2.1%.

In economic news, Japan companies increased capital spending by 7.1% in Q3, year-over-year, considered a strong showing,

The Hong Kong Hang Seng Index on opened higher and traded evenly, finishing up 0.37% after two upbeat reports on Sino factory activity. The Caixin/Markit November manufacturing PMI posted at 51.8, better than expected and still above the 50-threshold that separates growth from contraction. Also, on Saturday, Beijing released factory PMI data showing an increase to 50.2 in November, up from 49.3 in October.

The broad gauge Hang Seng rose 98.23 to 26.444.72, as gaining issues outnumbered losers 26 to 15.

Leading the upside were developers, including China Resources Land (1109:HK), up 4.3%, followed by Country Garden (2007:HK), up 2.8%, and then China Overseas Land )688:HK), up 2.7%.

On the downside were Sino Land (83:HK), off 2.2%, and then AAC Technologies (2018:HK), off 1.5%.

On the mainland, the Shanghai Composite rose 0.13% to 2,875.81.

In other news, office workers in Hong Kong's business district gathered for lunchtime pro-democracy protests, following recent election victories by pro-democracy candidates.

In economic news, a partial Sino-US trade deal is "stalled because of Hong Kong legislation," the news website Axios reported on Sunday.

On the other exchanges, the S. Korean Kospi rose 0.19%; the Taiwan TWSE inclined 0.12%; the Australian ASX 200 rose 0.24%; the Singapore Straits Times Index fell 0.19%, but the Thai Set declined 1.32%. In late trading in Mumbai, the Sensex was up 0.02%.

The MSCI Asia Apex 50, a broad measure of Asian stock markets excluding Japan, rose 0.18%.

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