0236 GMT [Dow Jones] China shares are up early, after manufacturing data for May showed an improvement. The benchmark Shanghai Composite Index is up 0.7% at 2038.23, tipped to face immediate resistance at the 2050 level. The preliminary HSBC China manufacturing PMI rose to 49.7 in May, compared with a final reading of 48.1 in April. The reading is the highest in five months, though it still indicates contraction. "The previous issue dragging the stock market regarding new shares have been digested since more details became available, and the market can more easily focus on other economic and corporate fundamentals in its rebound," says Simon Wang, an analyst at Guoyuan Securities. "The question remains how sustainable the rebound would be," he adds. Among actives, China Vanke Co. (000002.SZ) is up 2.1% at CNY7.90 and Citic Securities (600030.SH) rises 0.9% to CNY11.37. The Shenzhen Composite Index is up 0.8% at 1035.79. (esther.fung@wsj.com)
(END) Dow Jones Newswires
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May 21, 2014 22:36 ET (02:36 GMT)
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