China’s
stock-index futures rose after a holiday as data showed manufacturing
expanded more than forecast, signaling growth may be starting to
stabilize in the world’s second-biggest economy.
Futures on the CSI 300 Index expiring in May, the most active contract,
gained 0.2 percent to 4,780.60 as of 9:22 a.m. local time. The official
manufacturing Purchasing Managers’ Index was at 50.1 in April, compared
with economists’ median estimate of 50. HSBC Holdings Plc and Markit
Economics are due to release their PMI index for April at 9:45 a.m.
Monday. Numbers above 50 signal expansion.
The
Shanghai Composite Index dropped 0.8 percent to 4,441.66 on Thursday.
The gauge advanced 19 percent in April, the third straight monthly gain,
on expectations the government will further cut borrowing costs to
support the economy.
Hong
Kong’s Hang Seng China Enterprises Index fell 1.2 percent to 14,431.11.
The CSI 300 Index declined 0.5 percent. The Hang Seng Index lost 0.9
percent. The Bloomberg China-US
Equity Index, the measure of the most-traded U.S.-listed Chinese
companies, added 0.5 percent in New York on Friday. Markets in the
mainland and Hong Kong were closed on Friday for a holiday.
The
Communist Party leadership has vowed to step up targeted controls to
counter downward pressure on the economy, avoiding any mention of
full-blown stimulus.
Source : Bloomberg
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