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Chinese shares rise despite weaker PMI
By Bian Ji |
July 1, 2011, Friday
|
Online Edition
Online Edition
CHINESE equities rose in the morning session, led by cement makers, although a manufacturing index dropped to the lowest level in two and a half years, as investors expected fewer tightening measures.
The Shanghai Composite Index, which tracks the bigger mainland bourse, rose 0.38 percent to close the morning at 2,772.68. Turnover hit 53.8 billion yuan (US$8.3 billion).
The Shenzhen Component Index, which covers the smaller bourse, added 0.88 percent to 1,2217.32.
China's official purchasing managers' index dropped to the lowest in two and a half years in June, as the government stepped up efforts to rein in inflation and asset price bubbles.
The Purchasing Managers' Index, an indicator of manufacturing sector operating conditions, was at 50.9 in June compared with 52 in May, the China Federation of Logistics and Purchasing said in a statement today.
The reading was the lowest since February 2009 and was edging down towards the 50-point level, above which an expansion is expected.
The manufacturing index is based on a survey of purchasing managers in more than 820 companies in 20 industries.
"It may indicate that the government will refrain from taking additional tightening measures in the short term," said Liu Yu, an Orient Securities Co trader.
Cement makers led the gainers on anticipation that they will benefit from the country's massive affordable housing plan. Anhui Conch Cement Co, China's biggest cement maker, gained 1.37 percent to 28.14 yuan. Anhui Chaodong Cement Co climbed 4.12 percent to 20.71 yuan.
Large banks dropped on worries about sour debt. Industrial and Commercial Bank of China lost 1.12 percent to 4.41 yuan. China Merchants Bank eased 0.85 percent to 12.91 yuan.
The Shanghai Composite Index, which tracks the bigger mainland bourse, rose 0.38 percent to close the morning at 2,772.68. Turnover hit 53.8 billion yuan (US$8.3 billion).
The Shenzhen Component Index, which covers the smaller bourse, added 0.88 percent to 1,2217.32.
China's official purchasing managers' index dropped to the lowest in two and a half years in June, as the government stepped up efforts to rein in inflation and asset price bubbles.
The Purchasing Managers' Index, an indicator of manufacturing sector operating conditions, was at 50.9 in June compared with 52 in May, the China Federation of Logistics and Purchasing said in a statement today.
The reading was the lowest since February 2009 and was edging down towards the 50-point level, above which an expansion is expected.
The manufacturing index is based on a survey of purchasing managers in more than 820 companies in 20 industries.
"It may indicate that the government will refrain from taking additional tightening measures in the short term," said Liu Yu, an Orient Securities Co trader.
Cement makers led the gainers on anticipation that they will benefit from the country's massive affordable housing plan. Anhui Conch Cement Co, China's biggest cement maker, gained 1.37 percent to 28.14 yuan. Anhui Chaodong Cement Co climbed 4.12 percent to 20.71 yuan.
Large banks dropped on worries about sour debt. Industrial and Commercial Bank of China lost 1.12 percent to 4.41 yuan. China Merchants Bank eased 0.85 percent to 12.91 yuan.
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