SHANGHAI: China stocks gave up earlier gains on Thursday to close with a mixed bag, even after a private sector survey showed the country’s factory activity unexpectedly swung to growth in May from decline in the previous month.

The blue-chip CSI300 Index ended up 0.2%, while the Shanghai Composite Index finished flat.

Hong Kong’s benchmark Hang Seng slipped 0.1%, and the Hang Seng China Enterprises Index was down 0.2%.

In comparison, other global shares rose amid receding bets for a US rate hike this month and relief over the passage through the US House of Representatives of a bill to suspend the federal debt ceiling.

The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) rose to 50.9 in May from 49.5 in April, beating expectations of 49.5 in a Reuters poll, and a stark contrast to a deeper contraction activity seen in the official PMI released on Wednesday.

Comments

Comments are closed.