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1st LD-Writethru: Chinese shares rebound on warming factory activity

Xinhua, November 1, 2016 Adjust font size:

Chinese stocks rallied on Monday as official data showed the country's manufacturing sector posted its best performance in more than two years.

The benchmark Shanghai Composite Index rose 0.71 percent to 3,122.44 points. The smaller Shenzhen Component Index closed 0.86 percent higher at 10,796.14 points.

The NASDAQ-style ChiNext Index gained 0.77 percent to close at 2,176.45 points.

Total turnover climbed mildly to 483.8 billion yuan (about 71.43 billion U.S. dollars).

The rebound was mainly attributable to China's better-than-expected manufacturing sector. China's manufacturing Purchasing Managers' Index (PMI) rose to 51.2 in October from 50.4 in September, the highest level since July 2014, according to data released by the National Bureau of Statistics.

Analysts believe the PMI data showed China's economy is heading into the fourth quarter with increased momentum.

Most listed companies closed higher than the previous trading day, with the ceramic and glass sectors leading the rises. Endi