Based on the information provided by the country’s National Bureau of Statistics (NBS) China’s official manufacturing Purchasing Manager’s Index (PMI) for June came in at 50.9. Importantly, PMI readings above 50 signify expansion while below 50 indicates contraction. In May, the official manufacturing PMI was lower by 0.3 and was at 50.6. This information helped to boost stocks across the Asia Pacific.
It is worth mentioning that, Japan’s industrial production in May dropped 8.4% month-on-month based on a preliminary report by the country’s Ministry of Economy, Trade, and Industry.
The coronavirus pandemic is a very important issued for investors, analysts as well as authorities. The comments made by the Director-General of the World Health Organization (WHO) once more underlines the severity of the problem. According to Tedros Adhanom Ghebreyesu, the coronavirus pandemic is far from being over. Consequently, it is hard to talk about post-coronavirus plans. Nevertheless, governments should work with companies to cope with the current situation.
Stocks on June 30
Stocks in the Asia Pacific saw gains on the last day of June thanks to the information connected with China’s official manufacturing PMI. Interestingly, the country’s June manufacturing activity exceeded expectations.
Mainland Chinese stocks strengthened their positions on Tuesday. The Shenzhen Component advanced 2.042% to approximately 11,992.35. Moreover, the Shanghai Composite added 0.78% to about 2,984.67.
Also, Hong Kong’s Hang Seng index fell on June 30. China passed a controversial national security law that decision could trigger another round of demonstrations.
Importantly, Japanese stocks also saw on the day. The Nikkei 225 added 1.33% to close at 22,288.14. Two days ago, the Nikkei 225 dropped 2%. At the same time, the Topix index advanced 0.62% to finish its trading day at 1,558.77.
Also, South Korea’s Kospi index gained 0.71% to close at 2,108.33%.
Notably, Australia’s S&P/ASX 200 added 1.43% to end its trading day at 5,897.90.
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