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Better January PMI buoys up Shanghai index
By Hu Xiaocen |
February 2, 2012, Thursday
|
Online Edition
Online Edition
THE Shanghai Composite Index edged up in the morning session on the better-than-expected official Purchasing Managers' Index for January.
The key index advanced 0.31 percent, or 6.96 points, to 2,275.04, by midday with a turnover of 24.2 billion yuan (US$3.8 billion).
The official PMI for January released yesterday was 50.5, 0.2 points higher than that of December, indicating an expansion of industrial activities in large state-owned enterprises.
"PMI for January is higher than the market estimate of 49.6," Industrial Securities said in a note today. "The stronger PMI indicates that China's economy is having a soft landing as the government's proactive fiscal policy and flexible monetary policy are revitalizing manufacturers."
Coal producers led the advance on hope of more product demands. Yanzhou Coal Mining jumped 1.75 percent to 23.9 yuan. China Shenhua Energy gained 1.2 percent to 26.89 yuan.
The key index advanced 0.31 percent, or 6.96 points, to 2,275.04, by midday with a turnover of 24.2 billion yuan (US$3.8 billion).
The official PMI for January released yesterday was 50.5, 0.2 points higher than that of December, indicating an expansion of industrial activities in large state-owned enterprises.
"PMI for January is higher than the market estimate of 49.6," Industrial Securities said in a note today. "The stronger PMI indicates that China's economy is having a soft landing as the government's proactive fiscal policy and flexible monetary policy are revitalizing manufacturers."
Coal producers led the advance on hope of more product demands. Yanzhou Coal Mining jumped 1.75 percent to 23.9 yuan. China Shenhua Energy gained 1.2 percent to 26.89 yuan.
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