The equity market in China recovered from its recent losses on the back of improved investor sentiment. This comes after the release of the Chinese Manufacturing PMI for May, which showed an uptick to 51.7 points from the previous April reading of 51.4 points.
If the services sector in China expands beyond market expectations, this could further support Chinese equities. Major firms across sectors are looking to capitalise on the improved market sentiment.
Local companies are rushing to raise funds via equity and equity-linked offerings in response to the recent uptick in the Chinese stock market. Various major firms, including Poly Developments, Yankuang Energy Group, MMG Ltd, and JD.com, are considering fundraising activities.
In terms of individual stock performance, Kweichow Moutai advanced among index heavyweight components, while PetroChina retreated. Among the "Big Four" banks, ICBC and China Merchants Bank saw gains, contrasting with flat performances from Agricultural Bank of China and Bank of China.
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