Updated April 1st, 2024 at 10:15 IST

Chinese stocks surge on strong PMI data

The surge came after recent manufacturing activity data indicated a strengthening recovery in the economy.

Reported by: Business Desk
China stocks rise | Image:Unsplash
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China stocks rise: China's stock market gained on Monday, marking its largest daily increase in a month. 

The surge came after recent manufacturing activity data indicated a strengthening recovery in the economy. 

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Meanwhile, the Hong Kong market remained closed for a holiday.

Manufacturing activity in China expanded at its fastest pace in 13 months in March, with business confidence reaching an 11-month high, as per a private survey. 

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The positive trend aligns with official data showing an expansion in China's manufacturing activity for the first time in six months.

The upbeat results followed better-than-expected export and retail sales data, signalling a promising start to the year for the world's second-largest economy. 

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Chinese shares led a broader rally across most of Asia amid an overall optimistic global economic outlook.

By midday, the Shanghai Composite index was up by 1.02 per cent, poised to achieve its most notable one-day gain in a month. 

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The blue-chip CSI300 index also rose by 1.53 per cent, with various sectors showing positive movement.

In regional markets, MSCI's Asia ex-Japan stock index saw a modest increase of 0.17 per cent, while Japan's Nikkei index experienced a slight decline of 1.18 per cent.

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Notable gainers in the Shanghai Composite index included Autel Intelligent Technology Corp, Hoymiles Power Electronics, and Wuxi Taclink Optoelectronics Technology.

(With Reuters Inputs)

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Published April 1st, 2024 at 10:15 IST