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China Stocks Higher after Manufacturing Data

China’s stocks rose, narrowing this week’s losses, after a manufacturing gauge unexpectedly climbed.  Jiangxi Copper Co. and PetroChina Co. advanced more than 1 percent. The preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was at 49.8 in January, exceeding the median estimate of 49.5 in a Bloomberg survey. Citic Securities Co. and Haitong Securities Co., the biggest listed-brokerages, surged more than 4 percent. Industrial & Commercial Bank of China Ltd. climbed to a one-week high.

The Shanghai Composite Index (SHCOMP) rose 0.5 percent to 3,360.85 at 9:57 a.m., paring this week’s loss to 0.6 percent. Along with data this week showing industrial output and retail sales improved in December, the first reading of the economy’s momentum in January may alleviate concerns of a deeper downturn.

“The market seems to continue stabilizing with Shanghai opening today slightly up driven by strong performance in the brokerage and banking sectors,” said Gerry Alfonso, a China equity sales and trading director at Shenyin & Wanguo Securities Co. The data were “above the market expectation,” he said.

Bloomberg [1]

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