Chinese stocks rose on improved investor sentiment after higher-than-expected manufacturing PMI data

From London Loves Business: 2024-06-05 04:04:18

Chinese stocks ended higher, with the CSI 300 Index rebounding 0.75% to close at 3,615 points. The equity market in China recovered thanks to improved investor sentiment following the rise in Chinese Manufacturing PMI for May to 51.7 points from April’s 51.4 points. The upcoming Chinese Services PMI data release is also anticipated to show growth.

Local Chinese companies are capitalizing on the market’s upswing by rushing to raise funds through various offerings. Poly Developments is considering raising up to $1.7 billion via convertible notes, with Yankuang Energy Group and MMG Ltd planning share sales in Hong Kong. E-commerce giant JD.com is also tapping into the market recovery trend.

Individual Chinese stocks saw mixed performance. Kweichow Moutai rose 0.84%, while PetroChina retreated. ICBC and China Merchants Bank gained, while Agricultural Bank of China and Bank of China ended flat. The overall uptick in Chinese stock prices allowed for increased fundraising activities and investor interest in the market.



Read more at London Loves Business: Chinese stocks advanced following better-than expected manufacturing PMI data – London Business News