China saw a big rise in the stock market on Monday. The CSI 300 index of mainland China rose 8.48 percent to close at 4,017.85 points. With this increase, the index not only saw its biggest daily gain since September 2008, but also hit its highest level since August 2023. According to CNBC, this surge was particularly driven by healthcare and technology stocks.
China’s official PMI for September came in at 49.8, beating expectations of 49.5. However, the country recorded a contraction in the manufacturing sector for the fifth month in a row. CNBC also reported: Caixin PMI survey fell to 49.3, marking the fastest decline in manufacturing in 14 months.
Hang Seng also climbs
Hong Kong’s Hang Seng Index rose 3.09%, supported by strong consumer stocks. In particular, the Hang Seng Real Estate Index on the mainland rose by 8.11 percent. Markets in mainland China will remain closed for the rest of the week after this trading day due to Golden Week.
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