I haven't tried it (or ever shot .32 ACP for that matter
), but according to measurements I've found on a few websites, it seems to be loaded close to the usual levels you'd find in most American .32 ACP ammunition instead of the slightly hotter levels of Fiocchi's other loads in this caliber (they offer a FMJ load and their own JHP, which has failed to expand at all in the gelatin tests I've found for it, although it expands great in water). That should be sufficient to cycle actions and such--maybe it was a bad box or some guns don't like hollow-points, which is said to be a major issue with the semi-rimmed .32 ACP caliber.
By the way, there was a recent thread (among many previous ones, I'm sure) regarding .32 ACP loads for self-defense that you might want to read if you haven't already:
http://www.thehighroad.org/showthread.php?t=496955
There are many factors to consider in a caliber that is marginal for human-sized targets. I think that people, on the whole, usually end up deciding that FMJ-RN rounds are best for .32 ACP because they avoid issues such as underpenetration and reliability in feeding, both of which crop up with JHP rounds.
Here is one example, Speer 60gr Gold Dot, of good expansion causing underpenetration (7.3" is just sad--it can still stop or kill, but your odds of success are significantly reduced):
http://www.firearmstactical.com/ammo_data/32acp.htm
The following page has terminal ballistics data for 60gr XTP rounds hand-loaded beyond typical or even Fiocchi .32 ACP levels:
http://www.brassfetcher.com/index_files/Page794.htm
As you can see, expansion is limited and penetration is marginal at best. Factory loads will either get less than 10.3" of penetration or little or no expansion, behaving like a FMJ round (except that it might cut better but feed less reliably in some guns). Out of a short-barreled weapon such as the Kel-Tec P32 performance will suffer even more.
Heavier JHP bullets have the potential to improve performance, as shown here (although it acts almost like FMJ):
http://www.brassfetcher.com/index_files/Page748.htm
That's not a factory load, and neither are the following, which are my favorite JHP loads, which have some expansion and decent penetration (for most targets), and are no hotter than Fiocchi's own loads:
http://www.brassfetcher.com/index_files/Page305.htm
It's too bad that Fiocchi or Hornady or Cor-Bon or some other manufacturer doesn't offer loads like this, at least to my knowledge. Are you sure that you still want to use JHP rounds in your .32 ACP?