* SSEC +0.64%, CSI300 +1.23% Factory activity grows in January, but more slowly
* Rates remain high as PBOC holds back on large fund injections
* Miners jump as silver price rallies
SHANGHAI, Feb 1 (Reuters) - China shares closed higher on Monday, rebounding from the previous week’s fall, after growing factory activity in January showed a continued recovery in the world’s second-largest economy, although domestic lockdowns hit the pace of growth. ** At the close, the Shanghai Composite index was up 0.64% at 3,505.28. ** The blue-chip CSI300 index rose 1.23% after falling more than 3.9% last week, with its financial sector sub-index 1.25% higher and the real estate index up 0.89%. ** The healthcare sub-index, which lost nearly 7% between last Monday and Friday, jumped 2.24%. ** The Shenzhen index gained 1.18% and the start-up board ChiNext Composite index rose 0.995%. ** China’s factory activity grew in January, in line with an ongoing economic recovery, but at the slowest pace in five months after new coronavirus infections prompted lockdowns. ** Domestic liquidity conditions remained tight on Monday, as the central bank refrained from making large fund injections ahead of the week-long Lunar New Year holidays. ** Recent tightness has prompted speculation of a shift to a tighter monetary policy stance, raising the heat on corporate issuers facing a mountain of maturing debt. ** Companies engaged in silver mining and trade jumped as the price of the precious metal rallied. Shengda Resources Co Ltd , Yintai Gold Co Ltd, Henan Yuguang Gold & Lead Co Ltd and Inner Mongolia Xingye Mining Co Ltd gained between 8% and 10%. ** Shares in listed companies linked to China’s HNA Group slumped after the conglomerate disclosed that its creditors had applied for its bankruptcy and that nearly $10 billion had been embezzled by shareholders of its three units. ** Hainan Airlines dropped 9.8% and HNA Innovation fell 4.97%. ** At 07:05 GMT, the yuan was quoted at 6.46 per U.S. dollar, 0.47% weaker than the previous close of 6.43. (Reporting by Shanghai Newsroom; Editing by Shounak Dasgupta)
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February 01, 2021 at 02:38PM
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China shares end higher on January factory activity - Reuters
"Factory" - Google News
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