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Weak Chinese PMI drags Asian markets lower in early deals

02 May 2013 Evaluate

Asian equity indices are trading mostly in red in Thursday’s morning trade as sentiments got dented on the back of weaker than expected economic data from the US and China, which added worries about global growth, especially hitting shares of commodity producers. Growth in the mainland Chinese manufacturing sector unexpectedly slowed in April as new export orders declined, raising fresh doubts about the strength of the economy after a disappointing first quarter. The official purchasing managers’ index fell to 50.6 in April from an 11-month high in March of 50.9.

Shanghai Composite declined 4.57 points or 0.21% to 2,173.34, Hang Seng slipped 67.18 points or 0.30% to 22,669.83, Jakarta Composite dropped 14.90 points or 0.29% to 5,046.02, KLSE Composite decreased 3.87 points or 0.23% to 1,713.78, Nikkei 225 contracted 72.76 points or 0.53% to 13,726.59 and KOSPI Composite was down by 7.41 points or 0.38% to 1,956.54.

On the flip side, Straits Times added 28.61 points or 0.85% to 3,396.79 and Taiwan Weighted was up by 39.07 points or 0.48% to 8,132.73.

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