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Asian markets lower on China PMI data Asian markets lower on China PMI data
(about 3 hours later)
Asian shares were down on Monday after Chinese manufacturing data showed slowing growth in the Asian giant. Asian shares fell after surveys of China's economy suggested growth was slowing.
Hong Kong shares fell on news that China's services sector grew at its slowest pace in nine months in October. 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 that weighed on demand. 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 was down 0.3% at 23,917.52 points. 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 showed manufacturing slowed in the world's second largest economy. 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. A reading above 50 indicates growth. 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 up 0.5% at 2,432.37. 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 on the Bank of Japan's surprise move to introduce more stimulus measures. 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 points after data over the weekend showed imports in October fell the most in 13 months on softer demand for raw materials and goods. 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.
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.
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.
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 the back of 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.