Business

Hong Kong shares ride on accelerating China factory activity as stimulus takes hold

The widely watched Caixin factory gauge expanded for a second straight month to reach the highest level since June.

The Hang Seng Index rose 1.3 per cent to 19,670.58 at 9.

57am local time, while the Hang Seng Tech Index advanced 1.6 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.

8 per cent. Casino operator Galaxy Entertainment added 3.5 per cent to HK$35.

75, while rival Sands China gained 5.1 per cent to HK$20.85.

Electric car maker BYD advanced 2.9 per cent to HK$261.00 and Geely Auto surged 4.

2 per cent to HK$14.49. The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) – a survey of sentiment among Chinese factory owners – rose to 51.

5 in November from 50.3 the previous month, the highest since June. On Saturday, the official PMI came in at 50.

3, beating market consensus and October’s reading of 50.1..