China stocks rise on service PMI

Mainland China share market closed higher for fourth consecutive day after recovering initial losses on Thursday, 03 July 2014, as risk sentiments encouraged further after China's services industry activity boomed in June. The benchmark Shanghai Composite closed 0.19% higher from prior day to 2063.23. Trading turnover increased to 96.18 billion yuan from yesterday's 89.30 billion yuan. Activity in China's services sector expanded at its fastest pace in 15 months in June, a private survey showed on Thursday, reinforcing signs that the broader economy is stabilizing. The services purchasing managers' index (PMI) compiled by HSBC/Markit rebounded to 53.1 in June from 50.7 in May, well above the 50-point level that demarcates expansion in activity from contraction. Government data on the services sector released earlier in the day also pointed to continued strong expansion, though the pace of growth dipped slightly to 55 for June from 55.5 in May.

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