Asian equity benchmarks are trading up in the early deals on Tuesday, boosted by China's monetary easing and downbeat manufacturing and service surveys that raised hopes of additional measures. The latest survey from Caixin revealed that the manufacturing sector in China remained in contraction in February, and at an accelerated rate, with a PMI score of 48.0. That missed forecasts for a score of 48.4, which would have been unchanged from the previous month. It also moved further beneath the boom-or-bust line of 50 that separates expansion from contraction. Though, some gains were capped as lackluster US and European data kept alive concerns about global growth momentum. Chinese shares traded higher after a fresh stimulus push from the central bank to boost liquidity. Meanwhile, the Japanese market is higher despite the overnight losses on Wall Street and a stronger safe-haven yen dented investor sentiment. The markets in South Korea are closed for Independence Movement Day.
Nikkei 225 surged 27.21 points or 0.17% to 16,053.97, Hang Seng added 105.22 points or 0.55% to 19,217.15, FTSE Bursa Malaysia KLCI increased 7.71 points or 0.47% to 1,662.46, Jakarta Composite added 2.46 points or 0.05% to 4,773.42, Taiwan Weighted jumped 69.54 points or 0.83% to 8,480.70, Shanghai Composite strengthen 5.48 points or 0.20% to 2,693.46, and Straits Times was up by 0.39 points or 0.01% to 2,666.90.
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