China stocks rebound on stronger factory growth

File image: Xinhua/Yang Zhili)

File image: Xinhua/Yang Zhili)

Published Dec 1, 2016

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Shanghai - China stocks rose on Thursday

after an official survey showed manufacturing activity expanded

at its strongest pace in more than two years, while surging oil

prices boosted shares of energy companies.

The blue-chip CSI300 index rose 0.8 percent, to

3,565.04 points, while the Shanghai Composite Index

gained 0.7 percent to 3 273.31 points, recovering much of their

losses on Wednesday.

Most sectors gained ground, led by energy and

materials, while healthcare lagged.

China's manufacturing activity grew more than expected in

November, while the service sector expanded at its fastest pace

since 2014, official surveys showed.

Resource shares rose after oil soared more than 10 percent

on Wednesday to over $50 a barrel as some of the world's largest

producers agreed to curb production for the first time since

2008 in a bid to support prices.

Leading appliances maker Gree Electric shot up

as much as 10 percent, after Foresea Life Insurance, a unit of

Chinese financial conglomerate Baoneng, rapidly built up a 4.1

percent stake in the company. 

REUTERS

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