December 14, 2012 / 2:55 AM / 5 years ago

CORRECTED-China shares rally after flash PMI, govt support speculation

(Corrects reference in first paragraph to make clear China is world’s second-largest economy)

HONG KONG, Dec 14 (Reuters) - China shares significantly outperformed Asian peers on Friday, after a preliminary survey raised hopes of the world’s second-largest economy recovering more than expected and speculation about more state-backed buying in the onshore market.

The Shanghai Composite Index was up 2.5 percent at 2,113.8 at 0242 GMT. The CSI300 Index of the top Shanghai and Shenzhen listings was up 2.8 percent.

The HSBC flash purchasing managers’ index for December rose to 50.9, a 14-month high and the fifth straight monthly gain. A figure above 50 indicates that growth is accelerating, while one below 50 shows slowing growth. (Reporting by Clement Tan and Vikram Subhedar; Editing by Muralikumar Anantharaman)

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