Asian equities closed mixed on Tuesday, March 1st, as investors assessed the latest manufacturing data from China. The Chinese manufacturing Purchasing Managers’ Index (PMI) soared to its highest level since April 2012, indicating that the country’s economy is recovering.
Hong Kong’s Hang Seng closed 4.21% higher at 20,619.71, up 833.77 points, supported by the positive data. China’s Shanghai Composite also rose, closing up 1.00% at 3,312.35 points.
Meanwhile, in Australia, the S&P/ASX 200 closed down 0.09% at 7,251.60, and the All Ordinaries closed down 0.03% at 7,456.10, with stocks falling in almost every sector except for materials and energy stocks. The decline came after the US stock market dropped the previous day, and reports pointed to a slowdown in the Australian economy.
In Tokyo, the Nikkei closed 0.26% higher at 27,516.53, with machinery and other manufacturing-related stocks benefiting from the strong monthly manufacturing Purchasing Managers’ Index (PMI) data from China in February, which came out stronger than expected.
The SET in Thailand closed down 0.15% at 1,619.98 points.
Overall, the mixed closing in Asian equities suggests that investors remain cautious despite the positive manufacturing data from China, withก concerns about the ongoing impact of the COVID-19 pandemic and inflationary pressures weighing on sentiment.