April 30, 2019 / 7:30 AM / 6 months ago

China stocks rise despite disappointing factory activity data

SHANGHAI, April 30 (Reuters) - China stocks rose on Tuesday despite lacklustre factory activity data, with some analysts saying that sharp corrections recently have largely reflected expectations of a slower economic growth.

** The China market will be closed starting Wednesday due to the Labour Day holidays, and will reopen on Monday, May 6.

** The blue-chip CSI300 index rose 0.3 percent, to 3,913.21, while the Shanghai Composite Index gained 0.5 percent to 3,078.34.

** Factory activity in China expanded for a second straight month in April but at a much slower pace than expected, an official survey showed on Tuesday, suggesting the economy is still struggling for traction despite a flurry of support measures.

** Yang Hongxun, Shanghai-based analyst at investment consultancy Shandong Shenguang, said that after the recent correction, investors are looking past weak economic data. “We’ve already seen worries about the economy, and tighter monetary policies. I don’t see worse news ahead,” Yang said.

** The CSI300 financial sector sub-index rose 0.12 percent, the consumer staples sector added 0.65 percent, the real estate index gained 0.35 percent and the healthcare sub-index shed 0.29 percent. ** The smaller Shenzhen index ended up 0.68 percent and the start-up board ChiNext Composite index was 0.505 percent higher. ** Around the region, MSCI’s Asia ex-Japan stock index fell 0.52 percent, while Japan’s Nikkei index closed down 0.22 percent. ** At 07:11 GMT, the yuan was quoted at 6.7392 per U.S. dollar, 0.07 percent weaker than the previous close of 6.7346. ** The largest percentage gainers in the main Shanghai Composite index were Aucma Co Ltd, up 10.11 percent, followed by Liaoning Hongyang Energy Resource Invest Co Ltd, gaining 10.08 percent and Aeolus Tyre Co Ltd, up 10.07 percent. ** The largest percentage losers in the Shanghai index were Guangdong Rongtai Industry Co Ltd, down 10.07 percent, followed by Tonghua Grape Wine Co Ltd losing 10.06 percent and Shanghai DZH Ltd, down 10.05 percent. (Reporting by Shanghai Newsroom; Editing by Shreejay Sinha)

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