Last updated: September 23. 2013 1:36AM - 265 Views
Associated Press



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(AP) Mainland Chinese stocks edged up Monday after a survey showed manufacturing in the world's No.2 economy rose to a six-month high last month. Stock markets were subdued elsewhere in Asia.


A powerful storm forced Hong Kong markets to shutter in the morning while Japan's stock market was closed for a public holiday.


The Shanghai Composite Index rose 0.8 percent to 2,209.17. The smaller Shenzhen Composite Index advanced 1.4 percent to 1,051.49.


South Korea's Kospi rose marginally to 2,006.73 while Australia's S&P/ASX 200 fell 0.5 percent to 5,250.80. Benchmarks in Singapore, Indonesia, and New Zealand fell. Those in Taiwan and the Philippines rose.


A survey by HSBC Corp. showed factory output in China for September grew at its fastest rate in six months.


HSBC said the preliminary version of its monthly purchasing managers' index rose to 51.2 from 50.1 in August. Numbers above 50 indicate an expansion in activity.


The data was just enough to breathe some life into local Chinese markets, but that was about it.


"While the good news from China was encouraging, it's not a game-changer. It's just cementing or building the picture that we've had out of China for a couple of months," said Ric Spooner, chief market analyst at CMC Markets in Sydney.


Trading on Hong Kong's stock market was suspended for the morning session because of powerful Typhoon Usagi, which brushed past the city overnight.


Among individual stocks, Australian gold miner Newcrest Mining plummeted nearly 8 percent after the company issued a dour annual report. Last month, the company posted a $5.8 billion net loss for the year amid slumping gold prices.


Wall Street fell Friday as investors focused on the debate in Washington over the debt ceiling and concerns about a stalemate between Republicans and the White House. Lawmakers need to agree to raise the debt ceiling by Oct. 1 to avoid a government shutdown, and a potential default on payments, including debt, later in the month.


The Dow Jones industrial average fell 1.2 percent to close at 15,451.09. The Standard & Poor's 500 fell 0.7 percent, to 1,709.91. The Nasdaq composite fell 0.4 percent, to 3,774.73.


Benchmark oil for November delivery was unchanged at $104.75 per barrel in electronic trading on the New York Mercantile Exchange.


The October contract dropped $1.72, or 1.4 percent, to settle at $104.67 on Friday. Last week, oil dropped $3.54, or 3.3 percent. That's despite a 2.5 percent increase on Wednesday, when the U.S. Federal Reserve announced it would keep its stimulus policy in place.


In currencies, the euro rose to $1.3530 from $1.3523 late Friday. The dollar fell to 99.15 yen from 99.32 yen.


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Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson


Associated Press
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