Chinese stocks trade near 3-month high as manufacturing, home sales rebound
stocks traded near a three-month high after private sector reports showed signs of recovery in manufacturing activity and home sales amid government efforts to shore up the economy amid export hurdles.
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The CSI 300 Index, which tracks the biggest companies listed in Shanghai and Shenzhen, was little changed at 3,932.85 as of 9.55am local time on Tuesday. The gauge reached 3,960.07 on June 25, the highest level since March 20. The Shanghai Composite Index added 0.1 per cent. Financial markets in Hong Kong are closed for a public holiday.
Among top winners, Loongson Technology jumped 4.8 per cent to 139.85 yuan and WuXi AppTec added 1.1 per cent to 70.29 yuan in Shanghai, while Eastroc Beverage Group rose 3.4 per cent to 324.52 yuan in Shanghai. Limiting gains, chip designer Cambricon Technologies slid 5.4 per cent to 569 yuan, while miner Ganfeng Lithium dropped 1.7 per cent to 33.19 yuan in Shenzhen.
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.
One stock debuted today. Shandong Senter Electronic surged 314 per cent to 68.21 yuan in Shenzhen.
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Other key Asian markets were mixed. Japan's Nikkei 225 tumbled 1 per cent and South Korea's Kospi added 1.9 per cent, while Australia's S&P/ASX 200 advanced 0.1 per cent.
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