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Friday, August 19, 2022

Asian shares advance, Hong Kong sags on weak factory data

BANGKOK — Shares were mostly higher in Asia on Monday after a strong close on Wall Street last week, though the latest manufacturing surveys showed weakening factory activity in the region’s biggest economies.

Tokyo, Shanghai and Sydney advanced while Hong Kong and Seoul slipped. U.S. futures declined and oil prices lost more than $1 a barrel.

On Friday, Wall Street closed out its best month since November 2020. The S&P 500 index, a benchmark for many stock funds, rose 1.4% and finished 9.1% higher for July.

A rebound in technology stocks, big retailers and other companies that rely on direct consumer spending helped drive broad gains in July, though the index is still down 13.3% for the year.

Tokyo’s Nikkei 225 index gained 0.5% to 27,948.50 while the Shanghai Composite index edged 0.2% higher, to 3,258.46. In Sydney, the S&P/ASX 200 rose 0.4% to 6,972.80. The Kospi in Seoul shed…

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