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Shanghai index up as PMI hits 18-month high
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Shanghai shares edged up this morning as data showed China’s manufacturing activity rebounded to an 18-month high in October.
The key Shanghai Composite Index added 0.12 percent, or 2.53 points, to 2,144.14. Turnover was 44.3 billion yuan (US$7.3 billion) by the noon break.
China’s official Purchasing Managers’ Index, a gauge of manufacturing activity slanted more towards state-owned firms, advanced to 51.4 in October, the highest level since May 2012, the National Bureau of Statistics said today.
A reading of 50 or higher indicates the activity is expanding.
“The rising PMI figure in October confirmed that China’s economic growth has stabilized,” said Zhang Liqun, researcher at the Development Research Center of the State Council.
“However, sub-indexes for new orders, inventories and purchasing prices fell, indicating enterprises are still cautious about the outlook,” Zhang said.
Metal manufacturers advanced. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co increased 4 percent to 26.19 yuan. Rising Nonferrous Metals Share Co climbed 5.5 percent to 43.15 yuan. Xiamen Tungsten Co added 3.3 percent to 28.26 yuan.
Brokerages gained among financial stocks. Haitong Securities added 1.2 percent to 11.81 yuan. CITIC Securities rose 1.3 percent to 12 yuan.
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