Most of the Asian equity benchmarks are trading down in the early deals on Tuesday, with most of the markets reopening after the Labor Day holiday on Monday. Disappointing manufacturing sector data from China is weighed on investor sentiment. The latest survey from Caixin revealed that the manufacturing sector in China remained in contraction in April, and at an accelerated pace, with a Performance of Manufacturing Index score of 49.4 that missed forecasts for 49.8, and it was down from 49.7 in March. Besides, investors are also cautious ahead of the Reserve Bank of Australia's interest rate decision due later in the day. Meanwhile, Hong Kong stocks declined with the focus on unexpected falls in two key gauges of China’s manufacturing activity in April. Among the other Asian markets, Singapore, Malaysia and Taiwan are also lower. Bucking the trend, Shanghai, Indonesia, and South Korea are higher. The Japanese market is closed for the Constitution Day holiday.
Hang Seng declined 233.72 points or 1.11% to 20,833.33, Straits Times dropped 17.68 points or 0.62% to 2,820.84, FTSE Bursa Malaysia KLCI dipped 21.58 points or 1.29% to 1,651.14, and Taiwan Weighted was down by 82.49 points or 0.98% to 8,295.41.
On the flip side, Shanghai Composite added 47.09 points or 1.60% to 2,985.41, KOSPI Index surged 8.91 points or 0.45% to 1,987.06, and Jakarta Composite was up by 21.61 points or 0.45% to 4,829.93.