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AKIPRESS.COM - China stocks rose for a third day, the longest winning streak in three weeks, amid signs government efforts to arrest a slowdown are helping to stabilize the economy, according to the Bloomberg.
Industrial companies led gains. Shipbuilder China CSSC Holdings Ltd. paced an advance for industrial shares, surging 8.5 percent. China Shipbuilding Industry Co., the nation’s biggest equipment supplier for the navy, and China Avic Electronics Co. added more than 2 percent.
China Enterprise Co. slid 1.7 percent as real-estate companies dropped the most among industry groups.
The Shanghai Composite Index added 0.3 percent to 2,056.72 at 2:14 p.m. local time. Data yesterday showed China’s Purchasing Managers’ Index grew at the fastest pace this year in June.
The expansion in manufacturing comes after the government introduced mini-stimulus including infrastructure spending to prevent a property slowdown from endangering Premier Li Keqiang’s growth target for this year.