Mainland China share market advanced for fourth consecutive session on Friday, 23 January 2015, propped up by larger-than-expected quantitative easing program from the European Central Bank and rising expectations the Chinese central bank will move to ease liquidity to support the flagging economy. The benchmark Shanghai Composite Index rose 0.25% to close at 3351.76.
A recent batch of weak Chinese economic indicators, including a manufacturing activity survey on Friday, raised the prospect Beijing will roll out more measures. The HSBC/Markit Flash Manufacturing Purchasing Managers' Index survey showed China's manufacturing growth stalled for the second straight month in January and companies had to cut prices at a faster clip to win new business, adding to worries about growing deflationary pressures in the economy.
The HSBC/Markit Flash Manufacturing Purchasing Managers' Index (PMI) hovered at 49.8 in January, little changed from December's 49.6 and just below the 50-point mark that separates contraction from growth on a monthly basis.
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