Hong Kong Stocks on Course for Biggest Monthly Gain Since 2022 As Manufacturing Report Brightens China's Growth Outlook

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Hong Kong Stocks on Course for Biggest Monthly Gain Since 2022 As Manufacturing Report Brightens China's Growth Outlook

South China Morning Post04-30

The purchasing managers’ index (PMI) of Chinese manufacturing activity beat estimates as it chalked up a second month in expansionary territoryHong Kong’s market is the best performer among major ...

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The benchmark has risen 20 per cent from a January low and is on track to close in bull-market territory.The Hang Seng Tech Index gained 0.5 per cent and the Shanghai Composite Index was little changed.Hong Kong’s market will be closed for the Labour Day holiday on Wednesday, while China’s onshore stock exchanges are closed the whole week.Home appliance maker Haier Smart Home surged 7.4 per cent to HK$29.10 after saying that first-quarter profit increased 20 per cent from a year earlier. Among the other biggest gainers on the benchmark, CNOOC advanced 3.7 per cent to HK$20.55, and China Petroleum and Chemical Corp, also known as Sinopec, rose 4.1 per cent to HK$4.86.The purchasing managers’ index (PMI) of manufacturing activity stood at 50.4 in April, above the reading of 50 that indicates expansion for a second straight month, China’s statistics bureau said on Tuesday. That beat the consensus estimate of a reading of 50.3 compiled by Bloomberg.Hong Kong’s market is the best performer among major markets globally this month, and the report is expected to add further impetus. Sentiment on local stocks has taken a turn for better this month after overseas investors returned to the market, diversifying beyond Japan and India where valuations are stretched. Meanwhile, China’s securities regulator this month pledged to support the offshore market by expanding the scope of cross-border investment products and encouraging more listings of domestic companies.Other major Asian markets all traded higher. Japan’s Nikkei 225 climbed 1.3 per cent, while South Korea’s Kospi rose 0.6 per cent and Australia’s S&P/ASX 200 added 0.3 per cent.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":14,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}