Hong Kong Shares Jump After China PMI Data
Hong Kong shares jumped 370 points, or 1.6%, to 23,313 on Monday morning, reversing losses from the previous two sessions as traders reacted positively to China's February PMI readings. Factory activity in the country grew by the most in three months, private survey data showed.
Meanwhile, official figures showed the manufacturing sector unexpectedly expanded while the services economy expanded slightly faster than expected. All sectors posted solid gains, led by consumer, property and technology stocks, with optimism growing that the China Two Sessions, which starts Tuesday, will recommend new measures to boost the economic recovery.
Limiting further gains were mixed U.S. futures, as Trump's tariffs on China, Mexico and Canada take effect on March 4. Geely Auto rose 5.3%, on strong February sales and a report that it has teamed up with other partners to build a company to engage in the smart driving business. Other top movers were Sands China (4.6%), Tencent Hlds. (3.1%), and Meituan (2.2%).
Source: Trading Economics
