Asian Stocks Trade Lower on Monday as Chinese Factory Activity Falls in April

Stock markets in Asia traded mostly lower after the release of Chinese factory activity contracted in April, while a number of markets are closed on holiday.

As of 9:37 local time in Thailand, Nikkei fell 0.72%, ASX200 dropped 1.58%, Kospi decreased 0.71%, while IDX Composite rose 0.45%.

Markets in Thailand, China, Hong Kong, Singapore and Taiwan are closed on Monday due to a holiday.

The official manufacturing Purchasing Managers’ Index for April dropped to 47.4, a second straight month of contraction following March’s reading of 49.5, according to data from the National Bureau of Statistics showed Saturday. 

Moreover, a private survey also showed contraction in Chinese factory activity, with the Caixin/Markit manufacturing PMI expected to come in at 46, indicating a decline from the previous month’s reading of 48.1.