Investing.com – Asian stocks were largely weak on Tuesday, tracking overnight losses on Wall Street on weak year-end trading volumes, while investors weighed Chinese manufacturing activity data.
Trading volumes were thin with most major indices closed for the year-end holiday. Stock markets in Japan, South Korea and Thailand were closed on the last trading day of the year, while Hong Kong, the Philippines, Australia and New Zealand will see a shortened trading session for the day.
US stock index futures fell slightly in Asian trading on Tuesday, after Wall Street fell sharply as technology stocks fell amid profit-taking on Monday.
Chinese stocks fell as manufacturing activity expanded at a slower pace
Both the Chinese and Chinese indices fell by 0.4% on Tuesday.
In contrast, the Hong Kong index rose by 0.7%.
China's economy expanded for a third straight month in December as a raft of new stimulus measures continued to provide support, PMI data showed on Tuesday. The data showed on Tuesday.
However, the rise was slightly below market expectations and lower than the previous month's reading. This has raised concerns about the long-term industrial health of the world's second-largest economy, which has been suffering from an economic slowdown and a beleaguered real estate sector.
Markets are awaiting more clarity on Beijing's plans for stimulus measures next year. Recent reports indicated that the country will increase fiscal spending to support economic growth.
In Australia, China's largest trading partner, the index fell by 0.9%.
India's index fell 0.2% on Tuesday, while Singapore's index was largely unchanged.
The Malaysian index fell by 0.1%.
The political crisis in South Korea worsens
South Korean markets were closed on Tuesday. The index recorded four consecutive declines since Monday.
A South Korean court on Tuesday approved an arrest warrant for President Yeon Suk-yul, who was impeached and suspended from office after his December 3 decision to impose martial law, according to investigative authorities.
The Seoul Western District Court approved the arrest warrant requested by investigators probing Yoon's brief imposition of martial law, the Senior Officials Corruption Investigation Office (CIO) said.
