Dour Chinese PMI data rattle Asian markets

23 Nov 2011 Evaluate

Asian markets resumed witnessing slaughter after a day halt as provisional reading on manufacturing growth in China showed contraction and weaker-than-expected economic expansion in the US too dampened the sentiments. HSBC China manufacturing gauge has fallen to 48.0 in November from 51.0 last month. Forecasts for the HSBC flash manufacturing Purchasing Managers Index had called for a 50.1. A level above 50 implies expansion while anything below it denotes contraction while, the US economy expanded at a slower than expected pace in the third quarter, evident after the Commerce Department lowered its GDP growth estimates to 2% from earlier estimates of 2.5%.

Hong Kong and China shares declined below their crucial 18,000 and 2,400 mark, dragged down by materials and finance-related stocks as investors rotated selling and took profit in cyclical sectors with risk aversion staying high in global markets.

Japanese markets remained closed for trade on Wednesday on account of Labor Thanksgiving day.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2,395.06	-17.56	-0.73
Hang Seng	17,864.43	-387.16	-2.12
Jakarta Composite	3,687.01	-48.52	-1.30
KLSE Composite	1,433.17	-4.82	-0.34
Straits Times	2,676.57	-40.63	-1.50
Seoul Composite	1,783.10	-43.18	-2.36
Taiwan Weighted	6,806.43	-193.60	-2.77
Nikkei 225	-	-	-

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