Asia Stocks Soar in Response to China’s Higher-Than-Expected PMI
Asia Stocks Soar in Response to China’s Higher PMI and Increasing New Orders for 2-Straight Month.
Stocks in Asia rebounded on Tuesday after a slump in the previous session amid concerns over rising numbers of coronavirus cases that topped 10 million and 500,000 deaths over the weekend.
As of 9:29 local time in Thailand, Nikkei rose 1.76%, SSEC increased 0.40%, HSI advanced 0.97%, ASX 200 gained 1.35% and Kospi hiked 1.42%.
Earlier today, China stated that its June manufacturing activity expanded with the official Purchasing Managers Index at 50.9, beating a forecast of 50.4 by Reuters Poll. Beijing pointed out that its supply and demand are picking up from earlier losses, while new orders are increasing for two straight months.
Krungsri Securities expected SET Index to rebound to 1,340-1,345 points in response to the positive sentiment from regional markets after China reported positive PMI at 50.9, while the U.S. pending home sales rose 44.3% MoM. Crude oil also rose 3% before the Asia trading hour in response to the potential demand globally.