Best-performing PMIs lift shares
Print Edition
SHANGHAI stocks edged up yesterday after two indicators showed China’s manufacturing sector turned in its best performance this year in June.
The Shanghai Composite Index closed 0.1 percent higher at 2,050.4 points.
The official Purchasing Managers’ Index, geared toward operating conditions in China’s state-owned industrial enterprises, climbed to 51 last month from 50.8 in May, said the China Federation of Logistics and Purchasing.
Meanwhile, the HSBC Purchasing Managers’ Index, slated toward private and export-oriented manufacturers, rose to 50.8 in June, up from 49.4 in May, according to HSBC Holdings Plc and research firm Markit.
It was the first time that both PMIs have climbed above 50, which represents expansion, since last December.
“The market is ready to rebound in the second half with optimistic signals like PMI and easier capital,” China International Capital Corp said in a report yesterday.
Yonyou Software Co, the country’s biggest enterprise software vendor, jumped by the 10 percent daily limit to close at 15.46 yuan (US$2.49). BGCTV, which operates cable TV business in Beijing, surged 4.85 percent to 11.03 yuan.
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