Capital-priming moves and PMI boost key index
By Hu Xiaocen |
May 3, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks rose the most in two weeks yesterday on renewed investor confidence because of new measures meant to boost the capital market while China's manufacturing sector showed signs of a rebound.
The Shanghai Composite Index jumped 1.76 percent to 2,438.44 points, the highest since March 13.
"The new measures are the major force driving the market rebound," China Galaxy Securities said in a report yesterday. "New policies, which were announced during the three-day Labor Day holiday, will push up the index to 2,500 points."
A 25 percent cut for A-share trading fees in general will be effective from June 1, the China Securities Regulatory Commission said in a statement on its website. Trading commissions for all futures products will also be slashed by 30 percent on average.
Haitong Securities Co jumped 2.3 percent to 10.12 yuan (US$1.60), Citic Securities Co gained 1.3 percent to 13.17 yuan, and China Merchants Securities Co rose 2.4 percent to 13.17 yuan.
Galaxy Securities also said the 0.2-point rise in the official Purchasing Managers' Index to 53.3 in April from March boosted investors' confidence in future economic prospects. "Further relaxation of macro-economic policies will drive the market up in the next stage," it said.
On Tuesday, the China Federation of Logistics and Purchasing said its official PMI rose for a fifth month to 53.3, the highest in 13 months. A reading above 50 means growth in manufacturing.
HSBC Holdings Plc and Markit Economics yesterday posted the final reading of their PMI in April at 49.3. It compared with a preliminary reading of 49.1 last week, and rose from March's final 48.3.
The HSBC survey features private and export-oriented companies, and the official one is weighted toward state-owned enterprises.
Coal and metal producers led the gains on possible rising demand due to an improved economic outlook.
China Shenhua Energy Co, the nation's largest coal producer, jumped 2.7 percent to 27.62 yuan. Jiangxi Copper Co, China's biggest producer of the metal, soared 6.1 percent to 27.66 yuan while Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, the biggest producer of rare earths, surged 8.6 percent to 77.10 yuan.
People.cn Co, the online business of People's Daily, the Communist Party of China's flagship newspaper, soared 10 percent to 38.19 yuan yesterday, a day after its debut.
The Shanghai Composite Index jumped 1.76 percent to 2,438.44 points, the highest since March 13.
"The new measures are the major force driving the market rebound," China Galaxy Securities said in a report yesterday. "New policies, which were announced during the three-day Labor Day holiday, will push up the index to 2,500 points."
A 25 percent cut for A-share trading fees in general will be effective from June 1, the China Securities Regulatory Commission said in a statement on its website. Trading commissions for all futures products will also be slashed by 30 percent on average.
Haitong Securities Co jumped 2.3 percent to 10.12 yuan (US$1.60), Citic Securities Co gained 1.3 percent to 13.17 yuan, and China Merchants Securities Co rose 2.4 percent to 13.17 yuan.
Galaxy Securities also said the 0.2-point rise in the official Purchasing Managers' Index to 53.3 in April from March boosted investors' confidence in future economic prospects. "Further relaxation of macro-economic policies will drive the market up in the next stage," it said.
On Tuesday, the China Federation of Logistics and Purchasing said its official PMI rose for a fifth month to 53.3, the highest in 13 months. A reading above 50 means growth in manufacturing.
HSBC Holdings Plc and Markit Economics yesterday posted the final reading of their PMI in April at 49.3. It compared with a preliminary reading of 49.1 last week, and rose from March's final 48.3.
The HSBC survey features private and export-oriented companies, and the official one is weighted toward state-owned enterprises.
Coal and metal producers led the gains on possible rising demand due to an improved economic outlook.
China Shenhua Energy Co, the nation's largest coal producer, jumped 2.7 percent to 27.62 yuan. Jiangxi Copper Co, China's biggest producer of the metal, soared 6.1 percent to 27.66 yuan while Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, the biggest producer of rare earths, surged 8.6 percent to 77.10 yuan.
People.cn Co, the online business of People's Daily, the Communist Party of China's flagship newspaper, soared 10 percent to 38.19 yuan yesterday, a day after its debut.
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