June 30, 2020 / 7:50 AM / 13 days ago

China stocks end higher as upbeat data boosts recovery hopes

SHANGHAI, June 30 (Reuters) - Chinese shares ended higher on Tuesday, led by gains in technology stocks, as upbeat U.S. and China data renewed global economic recovery hopes.

** At the close, the Shanghai Composite index was up 0.78% at 2,984.67, while the blue-chip CSI300 index was up 1.32%.

** Leading the gains, Shenzhen’s tech-heavy start-up board ChiNext jumped 2.8% to over four-year highs, amid heightened Sino-U.S. tensions.

** Investors cheered overnight Wall Street gains on strong U.S. housing data, as well as China’s announcement of a cross-border wealth management scheme linking Hong Kong, Macau, and their neighbouring cities on the mainland.

** The sentiment was also boosted by data showing China’s manufacturing sector grew more than expected in June. The official manufacturing Purchasing Manager’s Index (PMI) came in at 50.9 in June, compared with May’s 50.6.

** China’s parliament passed national security legislation for Hong Kong on Tuesday, a day after Washington moved to suspend Hong Kong’s preferential treatment under the U.S. law. Pro-democracy activists and some western governments say the law will erode Hong Kong’s high degree of freedom.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.62%, while Japan’s Nikkei index closed up 1.33%.

** At 0714 GMT, the yuan was quoted at 7.0709 per U.S. dollar, 0.13% firmer than the previous close of 7.08. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

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