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Asian markets lower on China PMI data | Asian markets lower on China PMI data |
(about 3 hours later) | |
Asian shares fell after surveys of China's economy suggested growth was slowing. | |
A survey released on Monday indicated 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. A reading above 50 indicates growth. | |
The Hang Seng index closed down 0.34% in Hong Kong at 23,915.97 points. | |
Monday's data comes after a weekend release that indicated 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. | |
But, shares on the mainland bucked the trend with the Shanghai Composite finishing the day up 0.41% at 2,430.03 points - one of its highest finishes since February 2013. | |
Japanese markets were closed for a public holiday after hitting highs on Friday following 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 after data over the weekend showed imports in October fell the most in 13 months on softer demand for raw materials and goods. | |
The Korean won also slid to a seven-month low against the dollar to 1,072.6. | |
Australian shares closed down 0.4% at 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 the back of growing loans and customer deposits. | |