Asian markets end mostly in red on Tuesday

Asian markets ended mostly in red on Tuesday, while Chinese market rose as a manufacturing gauge beat estimates. Japanese stock exchange was closed for the day on account of ‘Autumn Equinox’ holiday. Malaysia’s benchmark stock gauge fell to a six-week low as data showed weekly outflows of foreign funds reached the highest level since March. Foreign funds sold 635.8 million ringgit ($196 million) of Malaysian equities in the five days through September 19 to cap a third straight week of net sales. China Beige Book survey showed that China’s economy remained stuck in low gear this quarter, with struggling retail and residential real-estate industries countering improvements in manufacturing and transportation. A report published quarterly by New York-based China Beige Book International showed that growth in investment slowed further, borrowing costs rose and the share of firms applying for and getting bank loans remained at rock bottom levels.

HSBC’s China flash PMI for September unexpectedly rose to 50.5, above expectations of 50.0 and ahead of the August final of 50.2.  Meanwhile, the employment index declined further and disinflationary pressure intensified. Taiwanese Industrial Production rose to a seasonally adjusted annual rate of 7.03%, from 6.08% in the preceding month.