December 1, 2016 / 7:10 AM / in a year

China stocks rebound on stronger factory growth

SHANGHAI, Dec 1 (Reuters) - China stocks rose on Thursday after an official survey showed manufacturing activity expanded at its strongest pace in more than two years, while surging oil prices boosted shares of energy companies.

The blue-chip CSI300 index rose 0.8 percent, to 3,565.04 points, while the Shanghai Composite Index gained 0.7 percent to 3,273.31 points, recovering much of their losses on Wednesday.

Most sectors gained ground, led by energy and materials, while healthcare lagged.

China’s manufacturing activity grew more than expected in November, while the service sector expanded at its fastest pace since 2014, official surveys showed.

Resource shares rose after oil soared more than 10 percent on Wednesday to over $50 a barrel as some of the world’s largest producers agreed to curb production for the first time since 2008 in a bid to support prices.

Leading appliances maker Gree Electric shot up as much as 10 percent, after Foresea Life Insurance, a unit of Chinese financial conglomerate Baoneng, rapidly built up a 4.1 percent stake in the company. (Reporting by Luoyan Liu and John Ruwitch; Editing by Kim Coghill)

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