Asia
Chinese Stocks Rise On Positive Service Sector Data, Suspension of US' Project Freedom
Chinese equities gained after the market resumed following the Labor Day holiday, with sentiment being uplifted over the expansion of the service sector.The Shanghai Composite Index rose 1.2%, or 48.02 points, to close Wednesday's trade at 4,160.17. The Shenzhen Component Index jumped 2.3%, or 352.06 points, to 15,459.62.The RatingDog China General Services Business Activity Index accelerated to 52.6 in April from 52.1 in March due to new business growth, which was driven by new orders increasing for the 40th straight month.Adding to the positive sentiment was U.S. President Donald Trump's announcement to cease "Project Freedom", a plan to escort ships stranded in the Strait of Hormuz, amid efforts to strike a deal with Iran to end the war.In corporate news, Shenzhen Zhongjin Lingnan Nonfemet (SHE:000060) jumped 10% after completing the registration and establishment of a new subsidiary, Shaoguan Zhongjin Lingnan Wanhou Nonferrous Mining.Guangdong HEC Technology (SHA:600673) also climbed 10% after its unit, Dongyangguang Yunzhisuan, signed a framework computing power services contract valued between 16 billion yuan and 19 billion yuan.CCOOP Group (SHE:000564) inched 3.4% higher amid plans to sell its wholly-owned subsidiary, Changchun Meilifang Minsheng Shopping Center, via public bidding.
Shanghai Composite^SZSESHA:600673SHE:000060SHE:000564
