(Yicai Global) Jan. 31 -- China's stock markets extended gains this morning after improved purchasing managers' index data and the US Federal Reserve's pause on interest rise hikes overnight, though market turnover has been relatively light.
The major market indexes opened higher and most sectors closed in the black for lunch, as investors gain confidence from the latest economic data and expect a more accommodating monetary policy after the Fed confirmed a less hawkish stance.
The benchmark Shanghai Composite Index was up 0.63 percent at 2,591.84 points at the break, having gone as high as 2,606.63 intraday. The Shenzhen Component Index increased 0.44 percent to 7,503.71. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, was up 0.28 percent at 1234.22.
China's comprehensive PMI index in January, which combines manufacturing and non-manufacturing sectors was 53.4, 0.6 point higher than last month, indicating overall business activities have improved, according to data released this morning by China's National Bureau of Statistics.