Asia Pacific markets closed mixed after recovering most of early losses on Friday, February 01, 2013, as string of positive economic reports from the euro zone helped to mitigate a mild disappointment over official data on the country's manufacturing sector.
Sentiment improved after official data showed that the unemployment rate in the euro zone remained unchanged at 11.7% in December, compared to market expectations for a mild escalation. Separately, Markit research group said that Spain's manufacturing purchasing managers' index rose to 46.1 in January from a reading of 44.6 the previous month, while the euro zone's manufacturing PMI ticked up to 47.9 in January from 47.5.
Meanwhile, investors were also positive for the US data on nonfarm payrolls data scheduled to release later today after Wednesday's ADP nonfarm payroll report showed that the U.S. private sector added 192,000 jobs in January, above expectations for an increase of 165,000.
Regional market had reacted negatively early on today's trading after China's official data showed that manufacturing activity at Chinese state-owned enterprises eased for the first time in six months in January, indicating the country's economic recovery is still fragile.
The China Federation of Logistics and Purchasing said China's Purchasing Managers' Index, a gauge of operating conditions in state-owned manufacturers, dropped 0.2 points from a month earlier to 50.4 in January. A reading above 50 means expansion. In contrast, the HSBC Purchasing Managers' Index, which is weighted toward private and export-oriented companies, rose to 52.3 from 51.5 in December.
In the Asia Pacific region, China's Shanghai Composite Index was the day's best performer, rising 1.4% to 2,419.02. The index had dropped as low as 2,369.57 earlier in the day. Meanwhile, Japan's Nikkei Stock Average rose 0.5%, Australia's S&P/ASX 200 index advanced 0.9% and Taiwan's Taiex edged up 0.1%. Singapore rose 0.3% to its highest since November 2010.
Indonesia, which enjoyed a foreign inflow of $75.84 million on the day, rose 0.6% to a new record closing peak of 4,481.63. Thailand index closed 1.7% firmer at 1,499.22, its highest level since November, 1994. The Philippine Composite Index closed 1.2% to its record closing high of 6,318.61.
Hong Kong's Hang Seng ended little changed after moving in both directions, while South Korea's Kospi slipped 0.2% and India's Sensex dropped 0.6%. Malaysia market was closed for a holiday.
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