Chinese stocks, including Alibaba and Baidu, rise following positive manufacturing data

From Benzinga: 2024-07-01 11:10:52

Chinese stocks saw improvement on Monday following better-than-expected June manufacturing data, with the CSI 300 Index rising 0.5% and reaching its highest point in three years. Japan’s Nikkei 225 edged up 0.1%, South Korea’s Kospi gained 0.2%, but Australia’s S&P/ASX 200 declined 0.2%.

The Caixin/S&P Global manufacturing PMI rose to 51.8 in June, beating forecasts, calming concerns after official PMI data remained unchanged at 49.5. Property developer stocks surged in mainland China, with companies like Poly Developments and Holdings Group Co., Ltd. and China Vanke Co. Ltd. seeing gains.

Market intervention efforts from “the national team” and inflow of 51.1 billion yuan through CSI 300 ETF boosted sentiment. Alibaba Group, Baidu, Inc., and NIO Inc. saw moderate gains, while KraneShares CSI China Internet ETF and other Chinese ETFs rose slightly.



Read more at Benzinga: Chinese Markets Pick Up Following Positive Data On Manufacturing – Alibaba Gr Hldgs (NYSE:BABA), Baidu (NASDAQ:BIDU)