HONG KONG: Asian shares were mixed yesterday despite new data showing that China's manufacturing activity hit a seven-month high in October, adding to evidence the world's second-largest economy is recovering.
British bank HSBC's preliminary purchasing managers' index for this month was 50.9, a significant improvement from September's 50.2 and the highest since 51.6 in March.
Tokyo reversed earlier losses to finish up 0.42 per cent, or 60.36 points, at 14,486.41, while Sydney gained 0.31 per cent, or 16.8 points, to 5,372.9.
Seoul climbed 0.54 per cent, or 10.94 points, to 2,046.69. However, Shanghai closed down 0.86 per cent, or 18.79 points, at 2,164.32.
"Investors may need more positive signals to confirm strength in economic growth," Northeast Securities analyst Wang Guobing said.
The upbeat data from China followed "broad-based modest improvements" in the Chinese economy after last year's slowdown, said Qu Hongbin, a HSBC economist in Hong Kong.
"This momentum is likely to continue in the coming months, creating favourable conditions for speeding up structural reforms," he said.
In other markets: * Manila
lost 0.77 per cent, or 51.34 points, to 6,583.77. PLDT bucked the trend to rise 0.14 per cent to 2,860 pesos while Ayala Corp fell 0.89 per cent to 611 pesos.* Taipei
rose 0.24 per cent, or 20.1 points, to 8,413.72. Hon Hai rose 0.66 per cent to T$75.8 while TSMC was 0.9 per cent lower at T$110. * Wellington
fell 0.85 per cent, or 41.45 points, to 4,834.94. Fletcher Building dropped 1.86 per cent to NZ$9.48, Telecom Corp slid 0.85 per cent to NZ$2.335 and Air New Zealand was steady on NZ$1.64.* Jakarta
ended up 1.06 per cent, or 48.35 points, at 4,594.85. Astra International rose 3.73 per cent to 6,950 rupiah, while Bank Permata fell 2.76 per cent to 1,410 rupiah.* Bangkok
added 0.61 per cent, or 8.96 points, to 1,466.32. Big C Supercenter lost 1.44 per cent to 205 baht, while Siam Cement gained 1.85 per cent to 440 baht.* Mumbai
fell 0.20 per cent, or 42.45 points, to 20,725.43 points, retreating from a near three-year-high level of above 21,000 points. Wipro lost 4.25 per cent to 471.30 rupees while Coal India retreated 3.25 per cent to 279.65 rupees. AFP