Asian stock markets rose Tuesday as signs of a pick-up in China's manufacturing activity boosted sentiment across the region, with resource stocks outperforming in Hong Kong and Sydney, while exporters led the Seoul market sharply higher.
In what was the first trading day of the new year for many regional markets, investors were encouraged by China's official Purchasing Managers Index, which rose to 50.3 in December, representing a return to expansionary territory after dipping below 50 in November, data released Sunday showed.
South Korea's Kospi Composite climbed 2.5%, while Hong Kong's Hang Seng Index added 2.1% and Australia's S&P/ASX 200 rose 1.2%. Markets in Japan, China, New Zealand, and Thailand were shut for holidays.
In Sydney, materials stocks led broad-based gains as investors took heart from China's PMI data as well as a decision by India's government Monday to increase its iron ore export tax. Fortescue Metals Group gained 2.6%, New Crest Mining rose 3.5% and Rio Tinto added 2.2%.
In foreign exchange markets, the euro rose against the U.S. dollar reflecting improved risk appetite, however gains were limited amid continued caution over the European sovereign-debt situation.
The single currency was at $1.2974, from $1.2930 late Monday, and at ¥99.73, from ¥99.49. The dollar was at ¥76.88, from ¥76.95.
Spot gold was at $1,579.10 per troy ounce, up $12.70 from its New York settlement on Friday. February Nymex crude oil futures were up $1.44 at $100.27 per barrel on Globex.
In what was the first trading day of the new year for many regional markets, investors were encouraged by China's official Purchasing Managers Index, which rose to 50.3 in December, representing a return to expansionary territory after dipping below 50 in November, data released Sunday showed.
South Korea's Kospi Composite climbed 2.5%, while Hong Kong's Hang Seng Index added 2.1% and Australia's S&P/ASX 200 rose 1.2%. Markets in Japan, China, New Zealand, and Thailand were shut for holidays.
In Sydney, materials stocks led broad-based gains as investors took heart from China's PMI data as well as a decision by India's government Monday to increase its iron ore export tax. Fortescue Metals Group gained 2.6%, New Crest Mining rose 3.5% and Rio Tinto added 2.2%.
In foreign exchange markets, the euro rose against the U.S. dollar reflecting improved risk appetite, however gains were limited amid continued caution over the European sovereign-debt situation.
The single currency was at $1.2974, from $1.2930 late Monday, and at ¥99.73, from ¥99.49. The dollar was at ¥76.88, from ¥76.95.
Spot gold was at $1,579.10 per troy ounce, up $12.70 from its New York settlement on Friday. February Nymex crude oil futures were up $1.44 at $100.27 per barrel on Globex.
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