Chinese stocks rose, sending the benchmark index to a three-month high, as a jump in the nation’s manufacturing gauge spurred optimism the government will meet its economic-growth target for this year.
Industrial Bank Co. (601166) and Poly Real Estate Group Co. gained more than 3 percent to lead a rally for lenders and developers. Sinolink Securities Co. surged 5.8 percent on speculation new share sales will boost earnings. Ping An Insurance (2318) (Group) Co., China’s second-biggest insurer, climbed to a three-month high in Hong Kong. A preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics, known as flash PMI, was at an 18-month high of 52, compared with the 51 median estimate.
The Shanghai Composite Index (SHCOMP) climbed 0.8 percent to 2,095.85 at the 11:30 a.m. break. The measure jumped to a three-month high on economic optimism after the government accelerated spending, allowed some local governments to loosen property curbs and cut reserve-requirement ratios for some lenders.