Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
👀 Bezos, Buffett & Berkowitz: What's in Their Portfolios? Unlock Data
China Stocks Eye Longest Winning Run in a Year as Curbs Eased
Published May 31, 2022 12:04AM ET
Updated May 31, 2022 01:45AM ET
© Reuters China Stocks Eye Longest Winning Run in a Year as Curbs Eased
(Bloomberg) -- Chinese stocks climbed for a fifth day after data showed a gradual improvement in factory activity and as the financial hub of Shanghai further eased virus-related restrictions.
The CSI 300 Index finished 1.1% higher at the mid-day break, leading gains in Asia and heading for its longest run of gains since June last year. The official manufacturing purchasing managers index rose to 49.6 in May from 47.4 in April. While the below-50 reading still indicates a contraction, it compares with the median estimate of 49 in a Bloomberg survey of economists.
Some optimism is returning to China’s battered stock market as investors bet that easing Covid outbreaks will provide authorities more room to lift strict curbs that have stifled growth. Shanghai will resume road and public transportation from Wednesday in a major step toward full reopening. Meanwhile, latest data showed China’s daily virus cases fell below 100 for the first time since early March.
READ: Hedge Fund Star’s Bullish Turn Points to End of China Stock Rout
“We don’t see the news getting much worse from here,” David Wong, senior investment strategist at AllianceBernstein (NYSE:AB) Hong Kong Ltd., said in a Bloomberg Television interview earlier on Tuesday. “It is very clear that the policy support is on its way.”
The latest developments come after Beijing has been trying to support growth through a variety of measures. The government recently rolled out a broad support package that covered everything from consumption and investment to tax cuts and loan support.
The CSI 300 Index is set to finish May in the green, after back-to-back monthly losses.. Yet year to date, it has lost more than 17%, underperforming the broader Asia benchmark, which is down about 12%.
READ: China Stocks See Record $2.2 Billion Foreign Outflows This Year
©2022 Bloomberg L.P.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.