SHANGHAI: China stocks jumped on Monday, logging their biggest daily gain in a month, after the latest manufacturing activity data signalled that the economy’s recovery is gaining traction, while the Hong Kong market was closed for a holiday.
China’s manufacturing activity expanded at its fastest pace in 13 months in March, with business confidence hitting an 11-month high, driven by growing new orders from customers at home and abroad, a private survey showed on Monday.
The data is in line with an official factory survey showing China’s manufacturing activity expanded for the first time in six months in March.
The upbeat results followed recent better-than-expected export and retail sales data, suggesting a bright start to the year for the world’s second-biggest economy.
Chinese shares also led a rally around most of Asia on Monday amid a broadly optimistic global economic backdrop.
At the close, the Shanghai Composite index was up 1.19% at 3,077.38, while the blue-chip CSI300 index rose 1.64%. Both indexes booked their biggest one-day gain since Feb. 29.
The financial sector sub-index was 1.04% higher, and the consumer staples sector advanced 1.77%, while the real estate index gained 0.22% and the healthcare sub-index added 1.44%.
The smaller Shenzhen index ended up 2.3% and the start-up board ChiNext Composite index gained 2.965%.
Around the region, MSCI’s Asia ex-Japan stock index was 0.04% firmer, while Japan’s Nikkei index closed down 1.4%.
The largest percentage gainers in the main Shanghai Composite index were Hoymiles Power Electronics Inc, up 18.74%, followed by Wuxi Taclink Optoelectronics Technology Co Ltd, gaining 14.41%, and Suzhou Qingyue Optoelectronics Technology Co Ltd, which rose 12.61%.
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