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
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 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.
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%.
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%.
Around the region, MSCI’s Asia ex-Japan stock index was 0.17% firmer, while Japan’s Nikkei index was down 1.18%.
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%.