Wednesday, October 22, 2014   

Hang Seng, Shanghai rise
(04-01 17:17)

Hong Kong shares jumped 1.34 percent on Tuesday as traders welcomed data showing Chinese manufacturing picked up in March from an eight-month low.
The benchmark Hang Seng Index added 297.48 points to 22,448.54 on turnover of HK$69.24 billion, AFP reports.
China said its official purchasing managers index (PMI) of manufacturing activity came in at 50.3 for March, up slightly from February's eight-month low of 50.2. A figure above 50 points to growth while anything below indicates contraction.
Economists had forecast the figure to remain unchanged.
While the uptick was small, the data is a rare piece of good news out of Beijing, which has released a string of weak indicators in recent months including on trade, investment and industrial production.
Those have fueled speculation that policymakers will announce measures to kickstart the world's number two economy and key driver of global growth, although most analysts have ruled out a huge stimulus package.
However, banking giant HSBC said its own PMI for the country had fallen to 48.0 last month from 48.5 in February, and worse than its initial estimate of 48.1.
In China the benchmark Shanghai Composite Index rose 0.70 percent, or 14.15 points, to 2,047.46 on turnover of 64.5 billion yuan.
The Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 1.65 percent, or 17.13 points, to 1,057.01 on turnover of 73.5 billion yuan.   
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