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China shares jump over 1% on decade-high factory activity growth

China stocks rose on Tuesday as fresh factory data underscored the country's solid economic rebound, even as new home price growth eased and as government officials cautioned against financial risks. ** So far this year, the Shanghai stock index is up 12.7%​ and the CSI300 has risen 23%, while China's H-share index listed in Hong Kong is down 4.4%.

Reuters | Hong Kong | Updated: 01-12-2020 10:23 IST | Created: 01-12-2020 10:12 IST
China shares jump over 1% on decade-high factory activity growth
Representative Picture Image Credit: Pixabay

China stocks rose on Tuesday as fresh factory data underscored the country's solid economic rebound, even as new home price growth eased and as government officials cautioned against financial risks. ** China's factory sector activity grew at its fastest pace in a decade in November, a business survey showed on Tuesday, as the world's second-largest economy rebounds to pre-pandemic levels. ** At the midday break, the Shanghai Composite index was up 1.31% at 3,436.04 points. ** China's blue-chip CSI300 index was up 1.56%, with its financial sector sub-index higher by 2.15%, the consumer staples sector up 1.17%, and the healthcare sub-index up 2.83%. ** The real estate index lagged broader market moves, gaining just 0.09%. ** Chinese new home prices growth eased slightly in November, weighed by tighter market curbs in larger cities and increased demand weakness in smaller towns, a private survey showed. ** The country's chief banking regulator said on Monday that China's property market is the biggest "grey rhino" - a very obvious yet ignored threat - in terms of financial risks, given it is so deeply intertwined with the financial industry. ** Chinese H-shares listed in Hong Kong rose 1.19% to 10,671.98, while the Hang Seng Index was up 0.93% at 26,586.21. ** The smaller Shenzhen index was up 1.1%, the start-up board ChiNext Composite index was higher by 1.9% and Shanghai's tech-focused STAR50 index rose 1.06%​. ** Around the region, MSCI's Asia ex-Japan stock index was up 1.07% while Japan's Nikkei index was up 1.55%. ** The yuan was quoted at 6.5768 per U.S. dollar, 0.04% firmer than the previous close of 6.5792. ** So far this year, the Shanghai stock index is up 12.7%​ and the CSI300 has risen 23%, while China's H-share index listed in Hong Kong is down 4.4%.

Also Read: Senior Chinese official says authorities working on more Hong Kong reforms, including judiciary

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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