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| Asian stocks fall on weak China manufacturing data | Asian stocks fall on weak China manufacturing data |
| (3 months later) | |
| A survey showing activity in China's manufacturing sector shrank in January for the first time in more than two years hit Asian markets. | A survey showing activity in China's manufacturing sector shrank in January for the first time in more than two years hit Asian markets. |
| The official Purchasing Managers' Index (PMI) fell to 49.8 in January, down from 50.1 in December. A reading below 50 indicates a contraction. | The official Purchasing Managers' Index (PMI) fell to 49.8 in January, down from 50.1 in December. A reading below 50 indicates a contraction. |
| That echoed a private HSBC/Markit PMI survey, which fell to 49.7 in January. | That echoed a private HSBC/Markit PMI survey, which fell to 49.7 in January. |
| The HSBC survey has been showing a contraction in China's manufacturing sector for the past two months. | The HSBC survey has been showing a contraction in China's manufacturing sector for the past two months. |
| In reaction, the Shanghai Composite index closed down 2.6% at 3,128.3, while Hong Kong's Hang Seng index dropped 0.1% to 24,484.74. | In reaction, the Shanghai Composite index closed down 2.6% at 3,128.3, while Hong Kong's Hang Seng index dropped 0.1% to 24,484.74. |
| But analysts said the fall in mainland stocks was also due to China's market regulator approving another 24 share flotations, raising liquidity concerns. | But analysts said the fall in mainland stocks was also due to China's market regulator approving another 24 share flotations, raising liquidity concerns. |
| Rest of Asia | Rest of Asia |
| In Japan, the benchmark Nikkei 225 closed 0.5% lower at 17,587.29 points. | In Japan, the benchmark Nikkei 225 closed 0.5% lower at 17,587.29 points. |
| South Korea bucked the downward trend, however, and rose 0.2% to close at 1,952.68. Its stock market is now bigger than Australia's for the first time in eight years. | South Korea bucked the downward trend, however, and rose 0.2% to close at 1,952.68. Its stock market is now bigger than Australia's for the first time in eight years. |
| The benchmark Kospi now holds a 1.88% share of the global market capitalisation of indexes, compared with Sydney's 1.85%. | The benchmark Kospi now holds a 1.88% share of the global market capitalisation of indexes, compared with Sydney's 1.85%. |
| Australian stocks also rose on Monday, closing 0.66% higher at 5,625.34on expectations the country's central bank may cut interest rates at its meeting tomorrow. | |
| Stock movers | Stock movers |
| Hong Kong-listed shares of China Minsheng Bank plunged by more than 9% after its president Mao Xiaofeng suddenly resigned for "personal reasons". | Hong Kong-listed shares of China Minsheng Bank plunged by more than 9% after its president Mao Xiaofeng suddenly resigned for "personal reasons". |
| Mr Mao had been the subject of local media reports saying he was under investigation by anti-corruption officials. | Mr Mao had been the subject of local media reports saying he was under investigation by anti-corruption officials. |
| China's largest privately-owned bank said its operations were unaffected by Mr Mao's departure. | China's largest privately-owned bank said its operations were unaffected by Mr Mao's departure. |
| Meanwhile, troubled property developer Kaisa has lost its chief executive, just weeks after its chairman and chief financial officer left the company. | Meanwhile, troubled property developer Kaisa has lost its chief executive, just weeks after its chairman and chief financial officer left the company. |
| In a filing to the Hong Kong stock exchange, Kaisa said chief executive Jin Zhigang had resigned "to devote more time to his personal career development". | In a filing to the Hong Kong stock exchange, Kaisa said chief executive Jin Zhigang had resigned "to devote more time to his personal career development". |
| Kaisa shares have been suspended from trade since 29 December. | Kaisa shares have been suspended from trade since 29 December. |