SHANGHAI: China stocks jumped on Monday, on course for 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 stocks extend rally on market rescue measures
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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.
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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.
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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.
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Chinese shares also led a rally around most of Asia on Monday amid a broadly optimistic global economic backdrop.
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At the midday break, the Shanghai Composite index was up 1.02% at 3,072.29 points, set to log its biggest one-day gain in a month.
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China’s blue-chip CSI300 index was up 1.53%, with its financial sector sub-index rising 0.84%, the consumer staples sector up 1.85%, the real estate index down 0.2% and the healthcare sub-index gaining 1.1%.
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The smaller Shenzhen index was up 2.05%, the start-up board ChiNext Composite index was 2.63% higher and Shanghai’s tech-focused STAR50 index was up 1.62%.
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Around the region, MSCI’s Asia ex-Japan stock index was 0.17% firmer, while Japan’s Nikkei index was down 1.18%.
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The largest percentage gainers in the main Shanghai Composite index were Autel Intelligent Technology Corp, up 14.54%, followed by Hoymiles Power Electronics , gaining 14.1% and Wuxi Taclink Optoelectronics Technology, up 14.03%.
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