HK, China shares eke out gains, PMI keeps cyclicals weak


03/06/2012 07:02 AST  Reuters

Hong Kong shares edged higher on Friday largely on short-covering in financials, although disappointing manufacturing data from China kept most cyclical sectors such as materials and mining companies weak.

Two surveys that pointed to sluggish Chinese factory activity in May signalled a deeper-than-forecast deterioration in demand at home and abroad, but also increased the likelihood of further policy easing.

The Hang Seng Index, which opened weaker on the day, was up 0.14 percent at the midday trading break. The slim gain did little to excite investors after last month's 12 percent slump almost wiped out the benchmark's gains for the year.

On the mainland, the Shanghai Composite Index was up 0.42 percent, while the large-cap focussed CSI300 rose 0.55 percent as China's domestic benchmarks continued to outperform Asian markets on hopes of policy easing.

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