China Stocks Gain on Smaller-Than-Feared Manufacturing Contraction; Unisplendour Jumps 9%

MT Newswires Live

Aug 31

Chinese shares rose on Monday as the country's manufacturing activity contracted less than expected.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.9% to 3,986.30. The Shenzhen Component Index went up 0.4% to 14,015.00.

The purchasing managers' index for China's manufacturing sector rose 0.6 of a percentage point month on month to 49.8 in August, beating the forecast of 49.5 tracked by Investing.com.

Meanwhile, business activity in China's non-manufacturing sector stalled in August, with the official non-manufacturing PMI coming in at 49.0, unchanged from July. The latest print missed the consensus forecast of 49.5 tracked by Investing.com, and compared with the 49 recorded in the previous month.

Overall business production and operational activities in China continued to contract in August, with the official Composite PMI Output Index coming in at 49.5. The latest print missed the consensus forecast of 50.2 tracked by Trading Economics, but improved from the 49.3 recorded in the previous month.

In company news, Unisplendour (SHE:000938) posted first-half attributable net profit of 2.17 billion yuan, up 108% from 1.04 billion yuan the previous year. Shares of the digital and artificial intelligence company closed 9% higher Monday.

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The Shenzhen Component Index went up 0.4% to 14,015.00.</p><p>The purchasing managers' index for China's manufacturing sector rose 0.6 of a percentage point month on month to 49.8 in August, beating the forecast of 49.5 tracked by Investing.com.</p><p>Meanwhile, business activity in China's non-manufacturing sector stalled in August, with the official non-manufacturing PMI coming in at 49.0, unchanged from July. The latest print missed the consensus forecast of 49.5 tracked by Investing.com, and compared with the 49 recorded in the previous month.</p><p>Overall business production and operational activities in China continued to contract in August, with the official Composite PMI Output Index coming in at 49.5. 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