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Asian markets lower on China PMI data | |
(about 5 hours later) | |
Asian shares were down on Monday after Chinese manufacturing data showed slowing growth in the Asian giant. | |
Hong Kong shares fell on news that China's services sector grew at its slowest pace in nine months in October. | |
The non-manufacturing Purchasing Managers' Index (PMI) fell to 53.8 in October from 54 in September due in part to a cooling property market that weighed on demand. | |
The Hang Seng index was down 0.3% at 23,917.52 points. | |
Monday's data comes after a weekend release that showed manufacturing slowed in the world's second largest economy. | |
The manufacturing PMI fell to a lower-than-expected 50.8, from 51.1 in the previous month. A reading above 50 indicates growth. | |
But, shares on the mainland bucked the trend with the Shanghai Composite up 0.5% at 2,432.37. | |
Japanese markets were closed for a public holiday after hitting highs on Friday on the Bank of Japan's surprise move to introduce more stimulus measures. | |
In South Korea, the benchmark Kospi index ended 0.6% lower at 1,952.97 points after data over the weekend showed imports in October fell the most in 13 months on softer demand for raw materials and goods. | |
Imports fell 3% while exports rose slightly higher than expected in October at 2.5%. | Imports fell 3% while exports rose slightly higher than expected in October at 2.5%. |
The Korean won also slid to a seven month low against the dollar to 1,072.6. | |
Australian shares closed down 0.4% to 5,506.4 with shares in the country's second biggest bank, Westpac, down 0.7% even after it posted a fifth consecutive year of record profit. | |
The banking giant saw a 12% jump in full-year net profit to $7.56bn Australian dollars ($6.60bn; £4.1bn) on growing loans and customer deposits. | The banking giant saw a 12% jump in full-year net profit to $7.56bn Australian dollars ($6.60bn; £4.1bn) on growing loans and customer deposits. |