Most Asian Stocks Rise After China Manufacturing Report

Most Asian stocks rose after a gauge of China’s manufacturing output beat analyst estimates, adding to signs the world’s second-largest economy is recovering.

Metcash Ltd. (MTS) climbed 4.9 percent in Sydney after the Australian supplier of groceries to retailers posted first-half underlying profit that beat analyst estimates. Sega Sammy Holdings Inc. gained 5.1 percent in Tokyo after Goldman Sachs Group Inc. raised its rating to buy from neutral. KT Corp. dropped 6.2 percent after the South Korean phone company forecast lower dividends.

The MSCI Asia Pacific Index was little changed at 142.04 as of 9:36 a.m. in Tokyo, with about five stocks rising for every four that fell, before markets open in Hong Kong and China. China’s manufacturing purchasing managers’ index, released yesterday, came in at 51.4 for November, matching the 18-month high reached in October and beating 24 of 26 estimates in a Bloomberg News survey.

(Source: Bloomberg)