Shanghai Composite rises to 44-month high

Mainland China equities climbed-up sharply, with the benchmark Shanghai Composite higher by 68.10 points, or 2.31%, to finish at 3021.52, its highest close since Apr. 21, 2011 when it closed at 3026.67. Investors risk appetite buying encouraged on growing expectations of more monetary easing after gloomy manufacturing data.

The headline number of HSBC's preliminary or flash version of the December manufacturing Purchasing Managers' Index fell to 49.5, a seven-month low, from a final reading of 50.0 in November. The reading was below the 50 mark that separates overall growth from contraction.

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