China Shares Roll after PMI Data

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.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.