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Chinese stocks rise on stronger manufacturing data
By Leo Zhang |
April 1, 2010, Thursday
|
Online Edition
Online Edition
CHINESE mainland shares rose in today's morning session after an official survey showed the country's manufacturing activities grew faster last month, fanning optimism about a sustained economic recovery.
The Shanghai Composite Index, which covers the bigger bourse on the mainland, added 0.97 percent to 3,139.16 at the mid-day break. Turnover reached 73.09 billion yuan (US$10.7 billion). Gainers outnumbered losers by 699 against 122 while 23 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland exchange, advanced 1.35 percent to close at 1,227.57.
"The manufacturing statistics indicated recovery would continue in the coming months," said Wu Zhuowen, a trader with Guosen Securities Co. "Companies will benefit from growing demand from both home and abroad."
The Purchasing Managers' Index jumped to a seasonally adjusted 55.1 last month from 52 in February, the Federation of Logistics and Purchasing said today in its monthly report. Readings above 50 indicate expansion.
Baoshan Iron and Steel Co, China's biggest steel maker, rose 0.63 percent to 7.93 yuan after saying it returned to a profit of 2.11 billion yuan in the four quarter. Full-year profit dropped 10 percent from 2008.
Coal and metal counters were strong. Datong Coal Industry Co, a Shanxi province-based coal miner, jumped 2.88 percent to 37.90 yuan. Jiangxi Copper Co, China's biggest maker of the metal, increased 1.85 percent to 36.31 yuan.
The Shanghai Composite Index, which covers the bigger bourse on the mainland, added 0.97 percent to 3,139.16 at the mid-day break. Turnover reached 73.09 billion yuan (US$10.7 billion). Gainers outnumbered losers by 699 against 122 while 23 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland exchange, advanced 1.35 percent to close at 1,227.57.
"The manufacturing statistics indicated recovery would continue in the coming months," said Wu Zhuowen, a trader with Guosen Securities Co. "Companies will benefit from growing demand from both home and abroad."
The Purchasing Managers' Index jumped to a seasonally adjusted 55.1 last month from 52 in February, the Federation of Logistics and Purchasing said today in its monthly report. Readings above 50 indicate expansion.
Baoshan Iron and Steel Co, China's biggest steel maker, rose 0.63 percent to 7.93 yuan after saying it returned to a profit of 2.11 billion yuan in the four quarter. Full-year profit dropped 10 percent from 2008.
Coal and metal counters were strong. Datong Coal Industry Co, a Shanxi province-based coal miner, jumped 2.88 percent to 37.90 yuan. Jiangxi Copper Co, China's biggest maker of the metal, increased 1.85 percent to 36.31 yuan.
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