Chinese stocks trading in Hong Kong rose to the highest level since August 2011 after government data showed manufacturing unexpectedly expanding.
Industrial companies led gains with China Communications Construction Co. surging 8.1 percent. The official Purchasing Managers’ Index rose to 50.1 in March, exceeding the estimate of 49.7 and February’s 49.9, while HSBC Holdings Plc and Markit Economics’ manufacturing PMI surpassed analysts’ forecasts. Financial companies advanced in Hong Kong after China announced plans to start an insurance system for bank deposits in May.
Hong Kong’s Hang Seng China Enterprises Index climbed for a third day, adding 1.1 percent to 12,480.44 at 10:02 a.m., while the Shanghai Composite Index rose 0.2 percent. The rebound for the factory gauge suggests stimulus efforts have started to bolster factories in the world’s second-largest economy.
Bloomberg
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