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Chinese stocks advanced with the benchmark index reaching its highest level in 18 months a day before the HSBC Holdings Plc and Markit Economics’ manufacturing report release as industrial shares rallied.
The Shanghai Composite Index added 0.4% to 2,356.92, 1:04 pm. The gauge has already amassed a total of 15% for this quarter. It is the biggest advance of the index in a three-month period in 5 years. Hong Kong’s Hang Seng Index shed 1.9%. The Hang Seng China Enterprises Index also dropped by 1.9%.
China Shipbuilding Industry Co. surged by 7.8% while China CSSC Holdings Ltd. jumped by 3%.
According to predictions, the manufacturing report conducted by HSBC will likely show a result that will be near or same as last month’s level. The official manufacturing index will be released on October 1.
Fund manager at Daragon Life Insurance Co., Wu Kan, commented to Bloomberg that the focus of the domestic market of China is the reform expectation of the government. Kan adds that the problem in Hong Kong is regional and seems to still be controllable.
