TOKYO, May 4 — Asian stocks outside of Japan fell as investors awaited a report on Chinese manufacturing.

The MSCI Asia Pacific excluding Japan Index slipped 0.2 per cent to 512.28 as of 8:02am in Hong Kong. The measure in April posted its biggest monthly advance since January 2012 as Chinese equities rallied on expectations policy makers will act to bolster growth in the world’s second-largest economy.

“Expectations of further stimulus have been the key driver for Asian equities,” Evan Lucas, a strategist at IG Ltd. in Melbourne, said by phone.

“There’s probably a risk of a short- term pullback for the market. But medium-term, the bias will probably be on the upside because they’re likely to put more money into the economy. China has got so many levers to pull.”

The final reading of a private gauge of Chinese manufacturing is expected to signal contraction for a second month in April, according to a Bloomberg survey of economists before the report today.

China’s official factory measure for April suggested that growth may be starting to stabilize after the government spurred infrastructure investment and eased monetary policy.

The Purchasing Managers’ Index was at 50.1, according to a report released Friday by the statistics bureau and the China Federation of Logistics and Purchasing in Beijing.

Readings above 50 signal expansion.

Regional gauges

South Korea’s Kospi index rose 0.4 per cent. Australia’s S&P/ASX 200 Index lost 0.1 per cent and New Zealand’s NZX 50 Index dropped 0.3 per cent. Markets in Japan, India, Thailand and Malaysia are shut for holidays, while those in China and Hong Kong have yet to open.

Chinese shares in Hong Kong fell for a second week last week, with the Hang Seng China Enterprises Index paring its biggest monthly gain since October 2011.

E-mini futures on the Standard & Poor’s 500 Index slipped 0.1 per cent.

The benchmark US equity index gained 1.1 per cent on Friday, paring its weekly decline to 0.4 per cent.

Data on Friday showed US manufacturing in April held at the weakest pace in almost two years, while a separate report said consumer confidence increased in April to the second- highest level in more than eight years as Americans grew more upbeat about their financial prospects. — Bloomberg