Chinese stocks rise towards 3-month high as manufacturing, home sales rebound
Private reports showed manufacturing and home sales in mainland China recovered in June from a month earlier
The CSI 300 Index, which tracks the biggest companies listed in Shanghai and Shenzhen, added 0.2 per cent to 3,942.76 on Tuesday. The gauge reached 3,960.07 on June 25, the highest level since March 20. The Shanghai Composite Index added 0.4 per cent. Financial markets in Hong Kong are closed for a public holiday.
Among top winners, Loongson Technology jumped 6.4 per cent to 141.97 yuan and WuXi AppTec added 1.7 per cent to 70.70 yuan in Shanghai, while Eastroc Beverage Group rose 2.4 per cent to 321.70 yuan in Shanghai. Limiting gains, chip designer Cambricon Technologies slid 6.4 per cent to 563 yuan, while miner Ganfeng Lithium dropped 0.6 per cent to 33.56 yuan in Shenzhen.
Elsewhere, one stock debuted today. Shandong Senter Electronic surged 286 per cent to 63.44 yuan in Shenzhen.
02:06
China’s economy grows 5.4% in first quarter ahead of full-blown US trade war
The Caixin/S&P Global manufacturing PMI index rose to 50.4 in June from 48.3 in May, returning to expansion mode and beating market expectations, today’s report showed. Meanwhile, home sales by the top 100 developers rose 14.7 per cent to 339 billion yuan in June from a month earlier, according to China Real Estate Information Corp on Monday.