China stocks rise to 3-month high on upbeat manufacturing data

Mainland China share market advanced on Thursday, 24 July 2014, extending winning streak for third consecutive day, boosted by the better than expected Flash Chinese manufacturing data for July. The benchmark Shanghai Composite advanced 26.57 points, or 1.28%, to 2105.06, the highest closing level since April 16. Trading turnover increased to 128.68 billion yuan from yesterday's 106.70 billion yuan. China's factory activity expanded at its fastest pace in 18 months in July as new orders surged, a preliminary HSBC survey showed on Thursday, the latest indication that the economy is picking up as government stimulus measures kick in. A preliminary reading of the manufacturing PMI for China from HSBC Holdings Plc and Markit Economics increased to 52 in July, from 50.7 the previous month when the gauge moved into growth territory for the first time this year. It was the highest reading since January 2013, and above the 50-point level that separates growth in activity from contraction.

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