Asia shares start week higher after new Wall St record

HONG KONG: Asian markets edged up Monday following a record close on Wall Street at the end of last week, while analysts said data indicating sluggishness in the Chinese economy could prompt fresh stimulus from Beijing.

The dollar maintained Friday´s Wall Street gains above 104 yen despite increasing tensions between Russia and the West over Ukraine.

Tokyo closed up 0.34 percent, or 52.01 points, at 15,476.60 and Sydney ended slightly higher, adding 3.9 points to 5,629.8. Seoul closed marginally lower, giving up 0.68 points to 2,067.86.Shanghai was up 0.63 percent in late trade while Hong Kong was 0.16 percent higher.

China said Monday that its official purchasing managers´ index (PMI) of manufacturing activity slipped to 51.1 last month. That is down from 51.7 in July -- a more than two-year high -- and the first decline since February.

Anything above 50 indicates growth and anything below suggests contraction.

The latest figure was just above the median 51.0 forecast in a survey of 10 economists by Dow Jones Newswires.

In a separate report, HSBC said its own August PMI came in at 50.2, well off the 51.7 seen the previous month.

However, while the figures were disappointing RBS economist Louis Kuijs said they could usher in more accommodating policy measures.

"Perceiving that its 7.5 percent (gross domestic product) growth target for 2014 is challenged, we expect the government to step up the rollout of measures to support growth," Kuijs said in a note.