China Stocks Rebound as Business Activity Expands in October

MT Newswires Live2024-10-31

Chinese stocks snapped a two-day losing streak on Thursday, buoyed by expansions in the manufacturing and services sectors.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.42% or 13.59 points, to 3,279.82. The Shenzhen Component Index increased 0.57%, or 60.37 points, to 10,591.22

Sentiment recovered after factory activity in China, measured by the manufacturing purchasing manager's index (PMI), rose for the first time in six months in October. The PMI increased to 50.1 in October from 49.8 in September, beating predictions of a 49.9 contraction.

Non-manufacturing activity continued expanding during the month with PMI growing to 50.2 in October from 50 in September.

Composite PMI, which gauges services and manufacturing activity in the country, jumped to 50.8 during the month from 50.4 in September.

In corporate news, Chinese officials are investigating AstraZeneca's country head for undisclosed reasons. In September, Bloomberg News reported that Chinese authorities detained five of AstraZeneca's current and former employees related to possible illegal activities.

Elsewhere, China Longyuan Power's (SHE:001289) Shenzhen shares closed 8% higher after posting a 42% rise in third-quarter profit to 1.65 billion yuan.

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