Chinese stocks rose for the fifth day after data showed gradual improvement in factory activity and as virus-related restrictions are eased in the country.
The CSI 300 Index finished 1.1% higher at the mid-day break, leading gains in Asia and heading for its longest run of gains since June last year.
The official manufacturing purchasing managers index rose to 49.6 in May from 47.4 in April.
“We don’t see the news getting much worse from here,” David Wong, senior investment strategist at AllianceBernstein Hong Kong Ltd., said in a Bloomberg Television interview earlier on Tuesday. “It is very clear that the policy support is on its way.”
The rally comes as Beijing pursuing several measures to support economic growth. The government recently rolled out a broad support package that covered everything from consumption and investment to tax cuts and loan support.
