Most of the Asian equity benchmarks are trading up in the early deals on Monday, as the chances of a US interest-rate increase diminished, after the nation’s economic growth for the second quarter came in below expectations. In addition, commodity prices rose on a weaker US dollar and lifted resources stocks. However, the Shanghai Composite Index fell after China’s manufacturing Purchasing Managers Index for July slipped to 49.9 from 50.0, missing the median forecast of a rise to 50.1. The nonmanufacturing PMI however, rose to 53.9 from 53.7, taking the edge off the disappointing headline number. Among the other Asian markets, Japan, Indonesia, Hong Kong, South Korea, Malaysia, Singapore and Taiwan are in positive territory.
Nikkei 225 added 46.26 points or 0.28% to 16,615.53, Hang Seng gained 287.36 points or 1.31% to 22,178.73, Jakarta Composite increased 114.04 points or 2.19% to 5,330.03, Taiwan Weighted rose 69.69 points or 0.78% to 9,054.10, Straits Times surged 22.60 points or 0.79% to 2,891.29, KOSPI Index jumped 12.66 points or 0.63% to 2,028.85, and FTSE Bursa Malaysia KLCI was up by 10.20 points or 0.62% to 1,663.46.
On the flip side, Shanghai Composite was down by 37.10 points or 1.25% to 2,942.24.