China shares up over 3% on data, policy hopes






SHANGHAI: Chinese shares were up more than three per cent in afternoon trade on Friday on fresh signs of an economic recovery and hopes new policies will emerge from a key government meeting, dealers said.

The benchmark Shanghai Composite Index jumped 3.02 per cent, or 62.24 points, to 2,123.72.

British banking giant HSBC said on Friday its preliminary purchasing managers' index (PMI) hit a 14-month high of 50.9 in December, compared with a final reading of 50.5 for November.

"The PMI data confirmed that the domestic economy has turned for the better. The index was also pushed up by expectations for policies from the economic work conference," Zheshang Securities analyst Zhang Yanbing told AFP.

China is expected to hold its annual economic work conference over the weekend to lay out policies for next year, state media reported.

- AFP/xq



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China shares up over 3% on data, policy hopes