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Chinese stocks up on sign of economic recovery
By Ye Zhen |
February 5, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks gained for the seventh day in a row as data showed China's non-manufacturing activity grew at the fastest pace in four months in January while the foreign exchange regulator accelerated approvals for overseas investors to enter China's capital market.
The benchmark Shanghai Composite Index added 0.2 percent to 2,433.13 points. Daily turnover was 127.1 billion yuan (US$20.5 billion).
HSBC China Service Purchasing Managers' Index (PMI), a gauge of non-manufacturing activity at private and export-oriented firms, rose to a four-month high of 54 in January, up from 51.7 in December, HSBC Holdings Plc said in a report today.
A reading above 50 indicates the activity is expanding.
"China's economic recovery is on a firmer footing," said Qu Hongbin, chief economist for China at HSBC. "Solid job gains and higher business expectations bode well for further improvement in the services sector."
China's foreign exchange regulator in January granted a combined investment quota of US$25.4 billion to the Qualified Foreign Institutional Investors, much more than the US$14 billion yuan in December, the State Administration of Foreign Exchange said on its website yesterday.
Property developers gained the most. China Vanke, the nation's biggest developer, climbed 3.6 percent to 12.33 yuan. Poly Real Estate, the second largest developer, rose 2.2 percent to 13.42 yuan. Gemdale Corporation jumped 7.6 percent to 8.19 yuan.
Distilleries also advanced. Kweichow Moutai Co, a leading producer of high-end liquor in China, increased 5.3 percent to 184.43 yuan. Sichuan Tuopai Shede Wine Co rose 4.2 percent to 25.98 yuan. Shanxi Xinghuacun Fen Wine Factory Co added 4.4 percent to 34.92 yuan.
The benchmark Shanghai Composite Index added 0.2 percent to 2,433.13 points. Daily turnover was 127.1 billion yuan (US$20.5 billion).
HSBC China Service Purchasing Managers' Index (PMI), a gauge of non-manufacturing activity at private and export-oriented firms, rose to a four-month high of 54 in January, up from 51.7 in December, HSBC Holdings Plc said in a report today.
A reading above 50 indicates the activity is expanding.
"China's economic recovery is on a firmer footing," said Qu Hongbin, chief economist for China at HSBC. "Solid job gains and higher business expectations bode well for further improvement in the services sector."
China's foreign exchange regulator in January granted a combined investment quota of US$25.4 billion to the Qualified Foreign Institutional Investors, much more than the US$14 billion yuan in December, the State Administration of Foreign Exchange said on its website yesterday.
Property developers gained the most. China Vanke, the nation's biggest developer, climbed 3.6 percent to 12.33 yuan. Poly Real Estate, the second largest developer, rose 2.2 percent to 13.42 yuan. Gemdale Corporation jumped 7.6 percent to 8.19 yuan.
Distilleries also advanced. Kweichow Moutai Co, a leading producer of high-end liquor in China, increased 5.3 percent to 184.43 yuan. Sichuan Tuopai Shede Wine Co rose 4.2 percent to 25.98 yuan. Shanxi Xinghuacun Fen Wine Factory Co added 4.4 percent to 34.92 yuan.
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