China market climbs on stimulus bets

Mainland China share market closed sharply higher on heavy volume on Wednesday, 01 April 2015, amid reinforcing bets that Beijing will have to roll out more policy support to avert an economic slowdown after surveys of China's fresh PMI data revealing persisting weakness in the country's manufacturing sector. The Shanghai Composite Index advanced 62.40 points, or 1.66% to 3810.29 at the close. The CSI300 index, the largest listed companies in Shanghai and Shenzhen, grew 72.70 points, or 1.79%, to 4123.90.

The final HSBC/Market China Manufacturing Purchasing Managers' Index (PMI) came in at 49.6, slightly higher than a preliminary "flash" reading of 49.2 but still below the 50-mark which separates contraction from expansion.

The official manufacturing PMI reading was better than the March HSBC final PMI, which also released on Wednesday. The government's manufacturing Purchasing Managers' Index was 50.1 last month, from 49.9 in February, a tad above the 50-mark that that separates growth from contraction , according to the statistics bureau and the China Federation of Logistics and Purchasing in Beijing.

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