Asian markets mixed, China up on manufacturing data

An investor monitors the stock prices at a private securities company Thursday, Nov. 1, 2012, in Shanghai, China. Asian stock markets were mixed Thursday, with investors buoyed by solid manufacturing data out of China but wary of weak global demand for electronics after Panasonic Corp. forecast a massive loss. AP PHOTO

HONG KONG—Asian stock markets were mixed on Thursday, with stronger Chinese manufacturing data providing support as Tokyo’s rise was stunted by a huge slump in electronics giant Panasonic.

Wall Street’s lead was tepid in a quiet first session after superstorm Sandy had forced the market to close for two days.

Hong Kong gained 0.83 percent, or 180.05 points, to 21,821.87, while Shanghai surged 1.72 percent, or 35.55 points, to 2,104.43.

Tokyo closed 0.21 percent higher, gaining 18.58 points to 8,946.87. But Seoul eased 0.71 percent, or 13.62 points, to 1,898.44 and Sydney dropped 1.32 percent, or 59.4 points, to 4,457.6.

Data showed China’s manufacturing activity expanded in October for the first time in three months, adding to renewed optimism that the world’s No. 2 economy is beginning to awake from its recent slumber.

The purchasing managers’ index (PMI) stood at 50.2 last month, better than 49.8 in September, according to official figures. A PMI reading above 50 indicates expansion while anything below points to contraction.

Separately, a survey by HSBC came in at 49.5 in October – from 47.9 in September – which, although still in contraction, represents another rise.

The official PMI had contracted in August and September because of a broader slump in the economy caused by weak demand in Europe and the United States.

The official number is “showing that the economy is on the way to a moderate recovery,” said Grace Ng, senior China economist at JPMorgan.

She told Dow Jones Newswires it is “reinforcing the message that the economy has bottomed out.”

On Tokyo’s Nikkei, shares were weighed down by Panasonic, which dived almost 20 percent a day after it said it expected to post a loss of $9.6 billion in the fiscal year to March.

The firm blamed the horrific estimate – a sharp reversal from its previous vow to return to the black by March – on restructuring costs and writedowns.

In New York, traders resumed work for the first time since a historic two-day closure of markets. But many participants were still unable to get to work.

The Dow and S&P 500 closed flat after opening higher while the Nasdaq lost 0.36 percent.

In Europe, Greece unveiled a tough new austerity budget as the European Union said there was still work to be done before the recession-hit country could access loan funds needed to stave off bankruptcy.

And data showed unemployment in the 17-nation eurozone hit a record high of 11.6 percent in September.

On currency markets the dollar fetched 79.99 yen in afternoon trade compared with 79.78 yen in New York late Wednesday.

The euro bought $1.2945 and 103.55 yen against $1.2958 and 103.39 yen.

Oil prices were higher with New York’s main contract, light sweet crude for December delivery, up 32 cents to $86.56 a barrel and Brent North Sea crude for delivery in December up 18 cents to $108.88.

Gold was at $1,723.19 at 1020 GMT compared with $1,721.80 late Wednesday.

In other markets:

— Taipei closed 0.19 percent, or 13.59 points, higher at 7,179.64.

Taiwan Semiconductor Manufacturing Co. rose 0.56 percent to Tw$89.2 while HTC fell 0.95 percent to Tw$209.0.

— Wellington fell 0.66 percent, or 25.99 points, to 3,931.88.

Fletcher Building was down 1.56 percent at NZ$6.93, Contact Energy fell 1.99 percent to NZ$5.43 and Telecom lost 0.21 percent to NZ$2.40.

— Bangkok fell 0.07 percent, or 0.88 points, to 1,297.99.

Mobile telephone giant Advanced Info Service dropped 2.78 percent to 192 baht, while Siam Cement gained 4.01 percent to 389 baht.

— Singapore closed down 0.39 percent, or 11.76 points to 3,026.61.

Singapore Airlines fell 0.85 percent to Sg$10.51 and Sembcorp Industries shed 1.84 percent to Sg$5.34.

— Kuala Lumpur gained 0.16 percent, or 2.62 points, to 1,675.69.

CIMB Group rose 1.7 percent to 7.76 ringgit, while Petronas Chemicals shed 0.6 percent to 6.46 ringgit.

— Jakarta fell 0.34 percent, or 14.93 points, to 4,335.36.

Mobile phone operator Indosat jumped 7.69 percent to 7,000 rupiah but state-owned lender Bank Negara Indonesia dropped 3.25 percent to 3,725 rupiah.

— Mumbai rose 0.30 percent, or 56.32 points, to 18,561.7.

Tata Motors rose 4.89 percent to 267.1 rupees and IT outsourcing giant Wipro rose 3.02 percent to 361.4 rupees.

— Manila was closed for a public holiday.