China Stocks Rise After Factory Data; Casinos Fall in Hong Kong
- Official, private manufacturing gauges signal stability
- Wharf leads developer gauge higher as Citi upgrades stock
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China’s stocks got off to a brighter start in 2017 as manufacturing data signaled that the world’s second-largest economy is stabilizing.
The Shanghai Composite Index rose 1 percent, the most in almost two weeks, to close at 3,135.92. The gauge tumbled 12 percent in 2016, its biggest loss in five years, as a weakening currency and tighter liquidity cut demand for Chinese assets. TCL Corp. and Midea Group Co. led a consumer share rally, climbing more than 3 percent each on Tuesday. The Hang Seng Index added 0.7 percent as property shares led gains, while casinos retreated. Trading turnover in Hong Kong totaled HK$49.3 billion ($6.4 billion), the lowest since Dec. 21.