Business

Markets in Asia mostly positive on Monday

Sydney All Ordinaries Index

Last Updated at 24 Nov 2017, 05:17 GMT *Chart shows local time ASX All Ords intraday chart
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Image caption Australia's stock market was in positive territory on Monday despite disappointing results from one of the country's biggest lenders, Westpac

Markets in Asia were mostly up on Monday, following stocks in the US, which ended the week higher after recovering losses.

In Australia, the benchmark S&P/ASX 200 closed up 0.23% at 5,827.50 points.

The index finished the day in positive territory despite disappointing results from of Australia's biggest lenders, Westpac.

The bank posted a cash profit of 3.78bn Australian dollars ($2.98bn; £1.96bn) for the six months to March.

Analysts said the results were poor and a "big miss".

Shares in the bank fell by more than 4.5% on the results.

China stocks mixed

In China, Hong Kong's Hang Seng index closed flat at 28,123.82, while the Shanghai Composite was up 0.9% at 4,480.46 points.

A report released on Monday showed factory activity in China had contracted in April.

HSBC's purchasing managers' (PMI) index was 48.9 for April, the lowest level in about a year, and down from March's reading of 49.6.

A reading of below on the index 50 indicates a contraction.

Analysts said investors would probably welcome the disappointing data, as it could spur the government to introduce fresh stimulus measures to help boost the economy.

Meanwhile, South Korea's benchmark Kospi index closed up 0.24% at 2,132.23 points.

Investors shrugged off a separate HSBC report on South Korea's manufacturing sector which showed activity fell to a seasonally adjusted 48.8.

HSBC's PMI reading for April was its lowest since October last year.

The Nikkei 225 index was closed on Monday, as Japanese markets are shut for the Golden Week holiday. They will reopen on Thursday.

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