Asia Stocks Edge Higher after Chinese PMI for May Beats Forecast!

Stocks in Asia advanced in the morning session on June 1, 2020, as a Chinese manufacturing activity beat the expectation in May.

 

As of 8:54 local time in Thailand (GMT+7), Nikkei rose 0.94%, SSEC advanced 0.89%, HSI soared 2.79%, ASX 200 hiked 0.41% and Kospi increased 1.38%.

 

The Caixin/Markit Manufacturing Purchasing Manager’s Index for May reported at 50.7, beating the forecast of 49.6 by Reuters poll.

On Sunday, Chinese National Bureau of Statistics reported the official manufacturing Purchasing Manager’s Index at 50.6, slightly lower than the 50.8 reading in April.

 

Krungsri Securities has a neutral view for today’s session, expecting the SET Index to swing between 1,330-1,350 points, asserting the index could be pressured by the unrest in the U.S. as well as the tension between the U.S. and China over Hong Kong’s new legislation.