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Chinese Equities Higher After Manufacturing Tops Estimates

Chinese stocks trading in Hong Kong rose for a second day and the yuan strengthened after a private report showed an unexpected expansion in manufacturing.

Jiangxi Copper Co. and Anhui Conch Cement Co. led gains for material shares with an advance of at least 1 percent. Haitong Securities Co., the second-biggest listed brokerage, surged the most in about two weeks. Neusoft Corp. climbed 1.5 percent as technology shares gained the most among industry groups in the mainland. The yuan strengthened for a third day.

The Hang Seng China Enterprises Index (HSCEI) in Hong Kong advanced 0.3 percent to 10,423.84 at 11:45 a.m., while the Shanghai Composite Index (SHCOMP) rose less than 0.1 percent to 2,027.35 at the break. A preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics climbed to 50.8, exceeding the 49.7 median estimate and a final reading of 49.4 in May. A number above 50 indicates expansion.

Bloomberg [1]

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