HONG KONG: Asian shares were mixed yesterday after last week's rallies, but Shanghai saw healthy gains after better-than-expected Chinese manufacturing data signalled a rebound in the world's second-largest economy.
Investors took their money off the table after last week's huge gains fuelled by the US Federal Reserve's surprise decision to leave its stimulus programme unchanged.
Shanghai jumped 1.33 per cent, or 29.19 points, to 2,221.04 in shortened trade due to Typhoon Usagi. In the meantime, Seoul gained 0.19 per cent to end at 2,009.41, while Sydney was down 0.46 per cent, or 24.2 points, at 5,252.5.
Tokyo was shut for a public holiday.
China's manufacturing activity expanded in September to a six-month high, banking giant HSBC said, a further sign that a recovery is gaining steam on improving demand.
HSBC said its preliminary purchasing managers' index for the manufacturing sector in China hit 51.2 in September, the highest since March when the index stood at 51.6.
Developing economies such as Indonesia, the Philippines and India breathed a sigh of relief after suffering a heavy sell-off in August as investors bet on the Fed winding down its quantitative easing policy.
"The election has gripped international interest as the eurozone is coming out of a recession, and continuity is what the markets favour," Kelly Teoh, market strategist at IG Markets in Singapore, said in a note.
In other markets:
* Taipei rose 1.02 per cent to 8,292.83. Taiwan Semiconductor Manufacturing Co climbed 2.43 per cent to T$105.5 while Hon Hai was 0.4 per cent higher at T$76.2.
* Manila added 0.83 per cent, or 53.49 points, to end at 6,477.94.
* Wellington slipped 0.61 percent, or 29.0 points, to 4,701.37. Fletcher Building fell 0.73 per cent to NZ$9.51, Internet provider Chorus slipped 0.34 per cent to NZ$2.92 and Telecom was up 0.44 per cent at NZ$2.28.
* Jakarta fell 0.46 per cent to 4,562.86. Astra International fell 0.72 per cent to 6,850 rupiah, while Gudang Garam lost 1.38 to 39,250 rupiah.
* Bangkok tumbled 3.37 per cent to 1,436.68.
* Mumbai shed 1.79 per cent to 19,900.96. AFP*