By Laura He, MarketWatch
HONG KONG (MarketWatch) -- Hong Kong stocks on Wednesday jumped
to the highest closing level in nearly seven months, after reports
showed the manufacturing sectors in the U.S. and in China expanded
last month.
The Hang Seng Index rallied 1.6%, rising the most in more than
seven weeks, and logging its highest settlement since early
December last year.
A survey of the Institute for Supply Management showed Tuesday
that its U.S. manufacturing index registered 55.3% in June,
indicating continuing expansion. Also on Tuesday, two separate
reports on China's manufacturing suggested a rebound in June, with
HSBC's final reading on Chinese manufacturing PMI data showing its
first improvement in six months.
In Hong Kong, index heavyweight Tencent Holdings climbed 3.9%,
and state-owned Bank of Communications Co. advanced 2.8%. European
banking giant HSBC Holdings rose 1.8%.
In mainland China, Shanghai stocks rose for a third day in a
row, with the Shanghai Composite Index up 0.4% to 2,059.42, its
highest closing level in two weeks.
In other Asian markets, Japan's Nikkei Average advanced further
by 0.3% to one-week high, adding to a 1.1% increase in the previous
day. The broader Topix index closed up 0.4%, while the yen (USDJPY)
strengthened to Yen101.421 per dollar from Yen101.555 per dollar in
the prior session.
Australia's S&P/ASX 200 notched a solid 1.5% gain, and South
Korea's Kospi Composite Index ended up 0.8%.
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