Asian Stocks mixed on back of higher Chinese manufacturing activity

Asia Pacific stocks were mixed on Tuesday as China’s official manufacturing Purchasing Managers’ Index for March came in better than some analysts expected.

Mainland Chinese stocks edged higher on the day, with the Shanghai composite up 0.11% to about 2,750.30 while the Shenzhen composite added 0.505% to approximately 1,665.93. The Shenzhen component rose 0.58% to 9,962.30. Hong Kong’s Hang Seng index also closed 1.85% higher at 23,603.48.

In South Korea, stocks led gains among the region’s major markets. The Kospi rose 2.19% on the day to 1,754.64 while the Kosdaq index gained 4.97% to close at 569.07.

Australian shares reversed earlier gains, with the S&P/ASX 200 closing 2.02% lower at 5,076.80. The moves came after the index got off to a flying start on Monday and surged by 7%.

Japan’s Nikkei 225 also closed lower as it dipped 0.88% to 18,917.01 while the Topix index fell 2.26% to end its trading day at 1,403.04.

Overall, the MSCI Asia ex-Japan index was 1.3% higher.