Stocks in Chinese mainland, Taiwan and Hong Kong soared on Monday, as investors are increasingly upbeat about an evident economic stabilization in China, and Beijing's successful efforts to push away a feared swine flu encroachment so far.
The Shanghai composite stock index jumped by more than 3.32 percent to close at 2559.91 points, and Shenzhen index jumped more than 4.18 percent to close at its highest level since mid-September.
The Hang Seng index in Hong Kong rose 860 points, or 5.5 percent, while the Taipei stock index jumped by 5.6 percent. Warming trade ties between the island and China's mainland have helped the market to keep rising in recent weeks.
Sentiment on China's growth was lifted Monday as a manufacturing purchasing managers' index revealed that the Chinese economy is on the mend.
The index, which is seen as a barometer for the wider economy's health, jumped from 44.8 in March to 53.6 in April. It was the first time in nine months that the reading nudged above the 50-point mark that separates contraction and expansion, and it was the latest sign that Chinese government's stimulus measures announced late last year are taking root.
On Friday, a similar manufacturing index released by the government also signaled expansion, while a government think-tank on Monday said it expected China's economy to grow 7 percent in the second quarter.
By People's Daily online
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