SHANGHAI: China stocks rose on Tuesday after data showed the country's factory activity unexpectedly expanded in February as new orders improved, with investors eyeing developments later this week in hope for more easing measures.
The CSI300 index rose 0.2% to 4,592.77 points at the end of the morning session, while the Shanghai Composite Index gained 0.3%, to 3,471.84 points.
The Hang Seng index dropped 0.1%, to 22,694.85 points. The Hong Kong China Enterprises Index was unchanged at 8,023.05.
** China's official manufacturing Purchasing Manager's Index (PMI) registered 50.2 in February, beating analysts' expectations and in line with a separate private PMI reading.
** "These encouraging signs likely reflect the effect of supportive macro policies has started to get transmitted to the economy," said Zhiwei Zhang, Chief Economist at Pinpoint Asset Management.
** China's services activities also grew at a faster pace in February.
** All eyes are on the annual meeting of China's top legislative body that begins on March 5, during which the government will unveil economic targets for the year and likely more stimulus measures.
** Chinese Commerce Minister Wang Wentao said on Tuesday that China must "do everything possible" to spur consumption this year.
** Consumer staples gained 1.7%, and tourism stocks rose 1.3%.
** China CSI Grand Agriculture Index added 0.9%, with hog breeders leading the gains, as China's state planner said the country will start buying pork for its central state reserves.
** Wens Foodstuff Group, Muyuan Foods Co and New Hope Liuhe Co went up between 3.9% and 5.6%.
** Non-ferrous metal went down 2.3%.
** Hong Kong shares were almost flat at midday break in thin trade. High-level discussions between Kyiv and Moscow last night ended with no agreement except to keep talking.
** Hong Kong-listed shares of Russian aluminium producer OK Rusal plunged after it said it has been obliged to temporarily halt production at Nikolaev Alumina Refinery in Ukraine.
** The materials subindex lost 2.6%.
Comments
Comments are closed.