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Asian markets rise as concerns over China slowdown ease

Asian markets rise as concerns over China slowdown ease
Photo Credit: Arabianeye-Reuters

Dubai-Mubasher: Asian stock markets were higher on Thursday, helped by easing of fears about a sharp slowdown in China.

China’s manufacturing data for September were largely steady from the previous month.

The state’s official manufacturing purchasing managers index for September rose to 49.8 from 49.7 in August. Economists expected that index to remain unchanged. The Caixin China manufacturing purchasing managers index was at a six-and-a-half year low of 47.2 in September, compared with a preliminary figure of 47.0 and 47.3 in August. Readings below 50 still indicate a contraction in manufacturing activity.

Shanghai Composite Index rose 0.49% to 3,053, while Hang Seng picked up 1.41% to 20,846. Asia Dow index added 1.35%, India’s Sensex (0.28%) and Singapore’s FTSE Straits Times Index (0.76%).