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China shares end up, defence & media firms take sting off soft PMI
September 1, 2014 / 7:12 AM / 3 years ago

China shares end up, defence & media firms take sting off soft PMI

HONG KONG, Sept 1 (Reuters) - China shares rose on Monday as gains in defence and media firms helped to offset a lower-than-expected official Purchasing Managers’ Index (PMI) that added to signs of softness in the economy.

China’s official PMI slipped from a 27-month high to 51.1 in August, the government said on Monday, spurring new calls for more policy easing to prevent the economy from stumbling once more.

The Shanghai Composite Index climbed 0.8 percent to 2,235.51 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings closed up 0.7 percent.

Defence stocks were the key outperformers again after Friday, bolstered by President Xi Jinping’s comment that China will spur military innovation.

AVIC Aircraft climbed 7.2 percent and China Avic Electronics 4.9 percent.

Media companies posted strong gains after a recent correction. People.cn soared 5.7 percent.

With investors’ money flowing back to growth stocks, the Nasdaq-style ChiNext Composite Index of mostly high-tech start-ups listed in Shenzhen was up 2.1 percent to a record close high. (Reporting by Grace Li; Editing by Shri Navaratnam)

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