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China Stocks bounce on solid PMI

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Mainland stock market closed stronger on Thursday, 01 December 2016, amid optimism the mainland economy is stabilizing and after an official survey showed manufacturing activity expanded at its strongest pace in more than two years. Most sectors gained ground, led by energy and materials, while healthcare lagged.

The Shanghai Composite Index climbed 0.72%, to 3,273.31, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.61% to 2,119.69.

China's manufacturing purchasing managers index rose to 51.7 in November, the National Bureau of Statistics said, as a credit-fueled recovery of smokestack industries helped steady the economy. The non-manufacturing PMI was at 54.7 compared with 54 in October. Numbers higher than 50 indicate improving conditions.

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

First Published: Thu, December 01 2016. 17:39 IST