Wall Street Cues Mostly Lift Asian Stock Markets

MT Newswires
03 Mar

Asian stock markets unevenly tracked higher Monday, as traders weighed Friday gains on Wall Street and index futures flashing green in New York.

Hong Kong and Tokyo finished in the green, though Shanghai inched lower. Other regional exchanges were also mixed, with Seoul exchanges closed on holiday.

In Japan, the Nikkei 225 opened higher on the Street cues and rose to the close, finishing up 1.7% as Japan-based tech issues followed Friday moves by US peers.

The benchmark Nikkei 225 rose 629.97 to 37,785.47, as gaining issues outnumbered losers 190 to 32.

Leading the upside was heavy-equipment maker IHI, gaining 7.8%, while DeNA declined 7.9%.

In economic news, Japan's final manufacturing purchasing managers' index (PMI) logged 49 last month, up from 48.7 in January, but still below the 50-marker that separates growth from contraction, reported S&P Global (SPGI).

In Hong Kong, the Hang Seng Index opened higher and held ground, finishing up 0.3%, as strength in property issues offset soft tech shares.

The broad gauge Hang Seng rose 64.95 to 23,006.27, as gaining issues outnumbered losers 47 to 35. The Hang Seng TECH Index lost 0.6% on the day, while the Mainland Properties Index rose 1.5%.

Leading the upside was Xinyi Solar, gaining 8.5%, while Li Auto declined 4.9%.

On the mainland, the Shanghai Composite fell 0.1% to 3,316.93.

In economic news, the Caixin/S&P Global final headline seasonally adjusted manufacturing PMI improved to 50.8 in February from 50.1 the previous month.

On the other regional exchanges, the Taiwan TWSE declined 1.3%; the Australian ASX 200 inclined 0.9%; the Singapore Straits Times Index rose 0.3%, and the Thai Set declined 1.3%. In late trading in Mumbai, the Sensex was down 0.2%.

In other news, India's seasonally adjusted manufacturing PMI registered at 56.3 last month, down from 57.7 in January, but still signaling strong expansion, said S&P Global.























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