China shares rally post-holiday, lifted by retailers, property
HONG KONG Oct 8 (Reuters) - China shares made a robust return from a week-long holiday, erasing Tuesday's initial losses and rallying after a private survey of services growth accelerated gains for retailers and property developers.
These sectors were boosted by strong Golden Week holiday spending, but Chinese financials were mixed ahead of a slew of official September economic data that could start with loan growth and money supply later on Tuesday.
The CSI300 of the leading Shanghai and Shenzhen A-share listings finished up 1.4 percent at 2,441.8 points. The Shanghai Composite Index climbed 1.1 percent, but volumes were about 20 percent below the 20-day moving average.
The Markit/HSBC services PMI for China for September, released shortly after markets opened, dipped to 52.4 from August's 52.8, still well above the 50 line that demarcates expansion from contraction.
This compares to last week's official services PMI reading that showed the sector expanded at the fastest pace in six months in September. The divergence was starker between the official and the HSBC surveys for manufacturing activities. (Reporting by Clement Tan; Editing by Richard Borsuk)
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