Asian stocks advance on U.S. economic outlook

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Source: Dukascopy Bank SA
© scanpix/AP
Asian stocks advanced, leading the regional benchmark to its highest level in eight months amid positive data on the U.S. economy. The service sector in the U.S. expanded as manufacturing PMI jumped more-than-expected to 54.7 in November from 53.6 the prior month, while U.S. factory orders rallied 0.8% in October compared to September. However, the gauge tracking Honk Kong shares declined 0.1%. The decline in shares was caused by Financials sector and investors taking to the sidelines after prior session's rally to the highest level in three weeks. Five out of nine sectors shrank with Telecommunications dropping 0.89% and Utilities losing 0.33%. Meanwhile, Technology sector rallied the most, up 1%, followed by Basic Materials adding 0.6%. China Overseas, a state-owned developer, took the position of best performing company by advancing 1.98%, while Li&Fung, toys and clothes supplier to Wal-Mart Stores, and China RES Land gained 1.89% and 1.69%, respectively. Meanwhile, Want Want China lost the most by its shares falling 2.45%.
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