China stocks wobble despite surprising factory activity growth

Reuters

China stocks wobble despite surprising factory activity growth

2023 6월 1 일, 오전 9:09 GMT

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Updates with stock closing levels

SHANGHAI, June 1 (Reuters) -China stocks gave up earlier gains on Thursday to close with a mixed bag, even after a private sector survey showed the country's factory activity unexpectedly swung to growth in May from decline in the previous month.

** The blue-chip CSI300 Index .CSI300 ended up 0.2%, while the Shanghai Composite Index .SSEC finished flat.

** Hong Kong's benchmark Hang Seng .HSI slipped 0.1%, and the Hang Seng China Enterprises Index .HSCE was down 0.2%.

** In comparison, other global sharesrose amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling.

** The Caixin/S&P Global manufacturing purchasing managers' index (PMI) rose to 50.9 in May from 49.5 in April, beating expectations of 49.5 in a Reuters poll, and a stark contrast to a deeper contraction activity seen in the official PMI released on Wednesday.

** Artificial Intelligence (AI)-themed stocks led the gains. Media firms .CSI399971 advanced 2.2% and computer shares .CSI930651 climbed 3.1%.

** AI firm iFLYTEK Co 002230.SZ jumped 10% to hit the daily limit, after it was appointed by China's Ministry of Industry and Information Technology as a leader in a large language model working group.

** Broader market sentiment remained weak, as investors were worried about the sustainability of the economic recovery and market rebound.

** "We need more time to see whether the improvement would be sustained," said Zhou Hao, an economist at Guotai Junan International.

** "Further policy support is still required to boost domestic demand, we reckon a 10 bps MLF rate cut in June."

** A private survey showed China's newhome prices fell for the first time in four months in May and home sales slumped, adding to pressure on a property market which is struggling to stabilize after a sharp slump.

** Hong Kong-listed mainland property developers .HSMPI declined 1.7%.

Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu and Dhanya Ann Thoppil

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