Australian stocks rose for the first time in three days after a gain in a measure of China’s non-manufacturing industries added to optimism growth in the world’s second-largest economy is intact. South Korean equities fell.
Australia’s S&P/ASX 200 Index (AS51) advanced 0.3 percent, while South Korea’s Kospi index dropped 0.6 percent. The MSCI Asia Pacific excluding Japan Index gained 0.1 percent to 479.67 as of 11:08 a.m. in Sydney. Japan and Indian stock markets are closed today. Markets are yet to open in Hong Kong and China.
“The market may be further supported by the weekend news that China’s non-manufacturing PMI improved,” Ric Spooner, chief market analyst at CMC Markets in Sydney, said in an e-mail. “This will build on the foundation,” of improving Chinese economic data, he said.
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