Hong Kong Stocks Jump As Chinese Manufacturing Data Points to Robust Economic Recovery

South China Morning Post2023-03-01

China’s official manufacturing purchasing managers’ index (PMI) climbed to 52.6 in February from 50.1 the previous monthHong Kong stocks slumped 9.4 per cent in February, marking the first monthly ...

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Photo: AFPHong Kong stocks jumped from the lowest level this year as upbeat factory data pointed to a robust recovery in the Chinese economy. Asian markets were mixed amid worries about higher US interest rates.The Hang Seng Index rose 2.6 per cent to 20,292.75 at 10.30am local time on Wednesday, the biggest gain in nearly three weeks. The Tech Index gained 4.1 per cent, while the Shanghai Composite Index added 0.6 per cent.Video games company NetEase jumped 6.2 per cent to HK$128.6 while Tencent Holdings gained 4.7 per cent to HK$359.80. Internet search giant Baidu advanced 4.5 per cent to HK$140.80.Property developer Longfor advanced 6.5 per cent to HK$23.85 while electric car maker BYD climbed 4.5 per cent to HK$220.60.China’s factory activity continued to recover in February, with the official manufacturing purchasing managers’ index (PMI) rising to 52.6 from 50.1 the previous month, China’s statistics bureau said on Wednesday. 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