By Laura He, MarketWatch
HONG KONG (MarketWatch) -- Hong Kong stocks hit their best close
in more than three years Thursday, after a preliminary reading of
Chinese manufacturing sector rose to an 18-month high, adding to
signs that the economy is stabilizing.
The Hang Seng Index broke the psychologically important 24,000
mark, ending up 0.7% at 24,141.50. It was the highest settlement
since early April 2011.
The HSBC preliminary manufacturing Purchasing Managers' Index
rose to 52 in July from a final reading of 50.7 in June, indicating
expansion in China's factory activities for the second consecutive
month, according to data released on Thursday.
In Hong Kong markets, mainland property developer continued to
lead gains, with Country Garden Holdings surging 7.4%, Poly
Property Group spiking 6.4%, Evergrande Real Estate Group and
Shimao Property Holdings jumping 3.8% and 3.6%, respectively.
Over on the mainland, the Shanghai Composite Index advanced 1.3%
to 2,105.06, the highest closing level in more than three months,
bolstered by the strong flash PMI data.
In other Asian markets, Australian stocks gained for the seventh
straight session, with the S&P/ASX 200 up 0.2%.
However, Japanese stocks slipped, as the benchmark Nikkei
Average closed down 0.3% and the broader Topix index edged lower by
0.2%. The yen (USDJPY), meanwhile, stayed flat at Yen101.533 per
dollar.
Elsewhere, South Korea's Kospi Composite Index dipped 0.1%.
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