China Stock Index Rises as Brokerages’ Gain Overshadows PMI Data

China’s benchmark stock index rose for the first time in six days as a rally for brokerages overshadowed data showing a gauge of factory output slumped to a six-month low.

Citic Securities Co. and Haitong Securities Co., gained at least 1.4 percent. Guangzhou Shipyard International Co., slid 3.9 percent. Shanghai International Port Ltd. dropped 2.7 percent.

The Shanghai Composite Index added 0.1 percent to 2,452.66 at the close, even as six stocks fell for every five that rose. The preliminary Purchasing Managers’ Index for November from HSBC Holdings Plc and Markit Economics was at 50.0, trailing the median 50.2 estimate of analysts in a Bloomberg survey.

Hong Kong’s Hang Seng China Enterprises Index and the CSI 300 Index both ended little changed, while the Hang Seng Index slipped 0.1 percent. The Bloomberg China-US Equity Index, the measure of the most-traded U.S.-listed Chinese companies, retreated 0.8 percent in New York yesterday.

Source : Bloomberg

MARKET