Chinese Stocks Move Higher on Improved PMI Data, US Rate Hike Pause
Tang Shihua
/SOURCE : yicai

 (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. 

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Keywords: Stock Markets , Shanghai Composite Index , Shenzhen Component Index , ChiNext Price Index