Asian markets down despite strong China PMI data
Despite China’s manufacturing data beating expectations, stocks in Asian markets saw a sell-out led by tech shares globally, on Friday.
Japan's Nikkei 225 dropped by 1.14% to trade below the 20,000 level. The benchmark index traded at 19,990.5 at 0935 am HK/SIN.
The Kospi slipped by 0.41% and Australia's S&P/ASX 200 pulled back 1.31%.
Hong Kong’s HSI index slipped 0.97%. Shanghai Composite was down by 0.41% and the Shenzhen Composite dipped by 0.315%.
China’s manufacturing activity increased more than expected in the month of June. The official manufacturing PMI rose to 51.7 compared to the 51.0 forecast.
Japan core CPI for the month of May rose 0.4% on year, in line with expectations.
Tech stocks in South Korea were mixed following the fall of technology companies on Wall Street overnight. Samsung Electronics dipped by 1.42% and SK Hynix dipped 1.75%.
In Japan, tech stocks Yahoo Japan slipped 1.61%, Hon Hai slipped 1.26%.