Asian markets traded mixed on Monday, as fresh data showed China’s manufacturing growth losing momentum, while South Korea’s benchmark KOSPI surged to a record high on strong semiconductor exports.
China’s private Caixin manufacturing PMI slipped to 50.6 in October, missing expectations of 51.0, signaling that factory expansion slowed and demand concerns resurfaced. The CSI 300 fell 0.5%, the Shanghai Composite eased slightly, while Hong Kong’s Hang Seng Index gained 0.6% amid a rebound in technology stocks. Japanese markets were closed for a public holiday.
South Korea outperformed, with the KOSPI jumping 2.4% to an all-time high of 4,216.93, boosted by a 25.4% surge in semiconductor exports. SK Hynix soared more than 10%, and Samsung Electronics added 2%. Analysts attributed the rally to robust AI server demand driving chip exports higher.
In Australia, the S&P/ASX 200 was little changed ahead of Tuesday’s Reserve Bank of Australia (RBA) meeting. Economists expect the RBA to keep rates steady at 3.6% amid persistent inflation pressures. Westpac’s annual profit beat expectations, lifting its shares more than 2%.
Elsewhere, Singapore’s Straits Times Index rose 0.4%, while India’s Nifty 50 was flat, as investors awaited fresh guidance from both the Federal Reserve and the RBA.