BEIJING, CHINA – FEBRUARY 22: Visitors purchase cosmetics during China International Beauty Expo (CIBE) Beijing 2023 at China National Convention Center on February 22, 2023 in Beijing, China. (Photo by Zhang Yu/China News Service/VCG via Getty Images)
Zhang Yu | China News Service | Getty Images
Asia-Pacific markets were mostly fell on Monday as investors assessed business activity figures from several key economies in the region.
China’s Caixin services purchasing managers’ index from S&P Global rose to 52.2 in December — the service sector’s fastest expansion since May 2024. China’s central bank said over the weekend it would implement a “moderately loose” monetary policy in 2025 as it seeks to boost growth.
Separately, Hong Kong’s PMI declined in December compared to the month before.
India’s service PMI expanded at its fastest pace in four months, with final figures for December coming in at 59.3 compared to 58.4 in November. PMI, however, missed the 60.5 reading expected by analysts polled by Reuters.
Hong Kong’s Hang Seng index opened higher after the PMI reading, before falling 0.52%, while mainland China’s CSI 300 also fell 0.57%.
Japan’s benchmark Nikkei 225 shed 1.47% to end at 39,307.05, leading losses in Asia and dragged by consumer cyclical stocks, while the broad-based Topix fell 1.02% to 2,756.38.
On the other hand, South Korea’s Kospi was up 1.91% to 2,488.64, while the small-cap Kosdaq was 1.73% higher at 717.96 and hit its highest level since Nov. 11.
Political uncertainty continues to grip the country, with the country’s head of presidential security service reportedly saying over the weekend he could not comply with efforts to arrest impeached president Yoon Suk Yeol.
A bid to arrest Yoon on grounds of insurrection last Friday failed after investigators were locked in a stand-off with presidential security officials.
Australia’s S&P/ASX 200 pared gains to trade just above the flatline, ending at 8,257.4
