SHANGHAI: Chinese shares surged more than three percent in afternoon trading Monday — continuing the surge seen in 2014 — on expectations of monetary policy easing after China released weak manufacturing data for December.
The benchmark Shanghai Composite Index jumped 3.09 percent, or 99.93 points, to 3,334.61. The index climbed more than 50 percent last year.
The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 1.29 percent, or 18.27 points, to 1,433.46.
The government said Thursday that its official Purchasing Managers’ Index came in at 50.1 last month, down from 50.3 in November, raising expectations China will need to further ease to support the economy. Anything above 50 points to growth while a figure below suggests contraction.