Asian stocks buoyed by positive China services data

<p>Asia’s major stock indices have made gains on positive China services data.</p>

The major east Asian stock indices have gained ground in trading today (January 3rd) following positive data concerning China's services sector.

Fresh figures surrounding this side of the nation's economy have added to evidence that the world's second-largest power's rebound will sustain, as it showed the services sector grew at its fastest pace in four months.

The non-manufacturing purchasing managers' index (PMI) rose to 56.1 in December from November's 55.6 – indicating that the rate of expansion is gaining momentum.

Commenting, senior economist for Asia except Japan at Credit Agricole Dariusz Kowalczyk stated: "Absolute levels of both December manufacturing and non-manufacturing PMIs remain relatively low by historical standards and consistent with only modest rebound in economic activity."

At close of play in Shanghai, the benchmark SSE Composite index rose by 1.6 per cent to 2269.1 points and the Hong Kong Hang Seng finished on a 0.3 per cent rally to 23398.6 points.

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