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Chinese stocks rise as manufacturing gathers pace

September 23, 2013

BANGKOK (AP) — Mainland Chinese stocks edged up Monday after a survey showed manufacturing in the world’s No.2 economy rose to a six-month high last month. Stock markets were subdued elsewhere in Asia.

A powerful storm forced Hong Kong markets to shutter while Japan’s stock market was closed for a public holiday.

The Shanghai Composite Index rose 0.4 percent to 2,200.73. The smaller Shenzhen Composite Index advanced 0.8 percent to 1,044.69.

South Korea’s Kospi rose 0.3 percent to 2,011.88 while Australia’s S&P/ASX 200 fell 0.4 percent to 5,254.40. Benchmarks in Singapore, Indonesia, the Philippines and New Zealand fell. Taiwan’s rose.

A survey by HSBC Corp., released Monday, showed factory output in China for September grew at its fastest rate in six months.

HSBC said the preliminary version of its monthly purchasing managers’ index rose to 51.2 from 50.1 in August. Numbers above 50 indicate an expansion in activity.

Trading at Hong Kong’s stock market was suspended for the morning session because of powerful Typhoon Usagi, which brushed past the city overnight.

Wall Street fell Friday as investors focused on the debate in Washington over the debt ceiling. The Dow Jones industrial average fell 1.2 percent to close at 15,451.09. The Standard & Poor’s 500 fell 0.7 percent, to 1,709.91. The Nasdaq composite fell 0.4 percent, to 3,774.73.

Benchmark oil for November delivery was down 1 cent to $104.74 per barrel in electronic trading on the New York Mercantile Exchange.

The October contract dropped $1.72, or 1.4 percent, to settle at $104.67 on Friday. Last week, oil dropped $3.54, or 3.3 percent. That’s despite a 2.5 percent increase on Wednesday, when the U.S. Federal Reserve announced it would keep its stimulus policy in place.

In currencies, the euro fell slightly to $1.3520 from $1.3523 late Friday. The dollar fell to 99.09 yen from 99.32 yen.


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