Asia's factory sector lost momentum in May as new export orders in the trading bellwethers of China, Taiwan and South Korea fell or cooled, reinforcing the view that the world economic outlook is dimming in the second quarter.

The HSBC China purchasing managers' index (PMI) fell in May to 49.2, the lowest level since October 2012 and down from April's final reading of 50.4. A reading below 50 suggests a contraction in activity from the previous month, while a reading above that level points to expansion.

An employee welds a water turbine at a factory in Jinhua, Zhejiang province May 23, 2013.

New export orders also fell in Taiwan, a key producer in the global technology supply chain, while in South Korea, home to big brand names such as Samsung and Hyundai, new export orders growth eased to its weakest pace since January, the HSBC surveys showed.

Taiwan's PMI fell to 47.1 in May from 50.7 in April, the first time the index has fallen below 50 since November.

South Korea's PMI fell to 51.1 from 52.6 for the weakest reading since February.

Russia's manufacturing activity was the weakest in five months, with the PMI falling to 50.4 in May from 50.6 in April.

(Source: Reuters)