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China's rising PMI boosts Shanghai shares
By Ye Zhen |
December 31, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks gained this morning as data showed China's manufacturing activity accelerated at the fastest pace in 19 months in December.
The key Shanghai Composite Index added 1.12 percent to 2,258.33 points. Turnover stood at 53.2 billion yuan (US$8.6 billion) by the noon break.
HSBC's China Purchasing Managers' Index, a gauge of the country's manufacturing activity slanted more toward private and export-oriented firms, rose to a 19-month high of 51.5 in December, up from November's 50.5, HSBC Holdings PLC announced today.
A reading of above 50 means expansion and a figure below 50 indicates contraction.
Qu Hongbin, HSBC's chief economist for China, attributed the rising figure to a faster growth in new orders and the end of the de-stocking process.
"The momentum is likely to continue as infrastructure projects are in full swing and the housing market is further stabilizing," Qu said.
The HSBC expects China's economy to recover mildly next year at a growth rate of 8.6 percent.
Property developers led the market up. Poly Real Estate rose 3 percent to 13.55 yuan. Gemdale Corporation increased 3.4 percent to 6.97 yuan. Guangzhou Pearl River Industrial Development Co jumped 5 percent to 15.98 yuan.
Financials also gained as China's securities regulator would allow brokerages, insurance asset management firms and private equity fund management companies to run mutual fund business.
CITIC Securities, China's biggest listed brokerage, added 1 percent to 13.28 yuan. Haitong Securities Co gained 1.5 percent to 10.20 yuan. Sinolink Securities Co climbed 3 percent to 17.75 yuan.
China Life Insurance, the country's biggest insurer, rose 4.6 percent to 21.16 yuan. Ping An Insurance Co, the second largest, added 3 percent to 45.10 yuan. China Pacific Insurance (Group) Co gained 4.1 percent to 22.15 yuan.
The key Shanghai Composite Index added 1.12 percent to 2,258.33 points. Turnover stood at 53.2 billion yuan (US$8.6 billion) by the noon break.
HSBC's China Purchasing Managers' Index, a gauge of the country's manufacturing activity slanted more toward private and export-oriented firms, rose to a 19-month high of 51.5 in December, up from November's 50.5, HSBC Holdings PLC announced today.
A reading of above 50 means expansion and a figure below 50 indicates contraction.
Qu Hongbin, HSBC's chief economist for China, attributed the rising figure to a faster growth in new orders and the end of the de-stocking process.
"The momentum is likely to continue as infrastructure projects are in full swing and the housing market is further stabilizing," Qu said.
The HSBC expects China's economy to recover mildly next year at a growth rate of 8.6 percent.
Property developers led the market up. Poly Real Estate rose 3 percent to 13.55 yuan. Gemdale Corporation increased 3.4 percent to 6.97 yuan. Guangzhou Pearl River Industrial Development Co jumped 5 percent to 15.98 yuan.
Financials also gained as China's securities regulator would allow brokerages, insurance asset management firms and private equity fund management companies to run mutual fund business.
CITIC Securities, China's biggest listed brokerage, added 1 percent to 13.28 yuan. Haitong Securities Co gained 1.5 percent to 10.20 yuan. Sinolink Securities Co climbed 3 percent to 17.75 yuan.
China Life Insurance, the country's biggest insurer, rose 4.6 percent to 21.16 yuan. Ping An Insurance Co, the second largest, added 3 percent to 45.10 yuan. China Pacific Insurance (Group) Co gained 4.1 percent to 22.15 yuan.
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