Data and push for QFIIs lift key index
By Ye Zhen |
February 6, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks gained for a seventh straight day yesterday after China's non-manufacturing activity grew at the fastest pace in four months in January, and the foreign exchange regulator sped up approvals for overseas investors to enter the market.
The Shanghai Composite Index added 0.2 percent to 2,433.13 points.
The HSBC China Service Purchasing Managers's Index, 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 yesterday.
A reading above 50 indicates expansion.
"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 service sector."
An investment quota of US$25.4 billion was granted to Qualified Foreign Institutional Investors in January, above US$14 billion in December, the State Administration of Foreign Exchange said on its website late Monday.
The recent gains were mainly driven by institutional investors, China International Capital Corporation Ltd said in a report, adding it expects the QFIIs to invest more in the market.
China Vanke, the nation's biggest developer, added 3.6 percent to 12.33 yuan. Poly Real Estate, the second largest, rose 2.2 percent to 13.42 yuan and Gemdale Corporation jumped 7.6 percent to close at 8.19 yuan.
The Shanghai Composite Index added 0.2 percent to 2,433.13 points.
The HSBC China Service Purchasing Managers's Index, 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 yesterday.
A reading above 50 indicates expansion.
"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 service sector."
An investment quota of US$25.4 billion was granted to Qualified Foreign Institutional Investors in January, above US$14 billion in December, the State Administration of Foreign Exchange said on its website late Monday.
The recent gains were mainly driven by institutional investors, China International Capital Corporation Ltd said in a report, adding it expects the QFIIs to invest more in the market.
China Vanke, the nation's biggest developer, added 3.6 percent to 12.33 yuan. Poly Real Estate, the second largest, rose 2.2 percent to 13.42 yuan and Gemdale Corporation jumped 7.6 percent to close at 8.19 yuan.
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