Economic optimism boosts key stock index
By Winny Wang |
April 2, 2010, Friday
|
Print Edition
Print Edition
STOCKS in Shanghai rose to the highest close in more than two months yesterday after an official survey showed China's manufacturing activities grew faster in March, fanning optimism about a sustained economic recovery.
The benchmark Shanghai Composite Index climbed 1.23 percent to 3,147.42, its highest close since January 21. Turnover reached 154 billion yuan (US$22.55 billion).
"The manufacturing statistics indicated recovery would continue in the coming months," said Wu Zhuowen, a trader at 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 yesterday in its monthly report. Readings above 50 indicate expansion.
Baoshan Iron and Steel Co, China's biggest steel maker, rose 1.52 percent to 8.00 yuan after saying it returned to a profit of 2.11 billion yuan in the fourth quarter. Its full-year profit, however, dropped 10 percent from 2008.
Coal and metal counters rose. Datong Coal Industry Co, a Shanxi-based coal miner, jumped 3.09 percent to 37.98 yuan. Jiangxi Copper Co, China's biggest producer of the metal, increased 2.64 percent to finish at 36.59 yuan.
China Southern Airlines, which operates most domestic routes, dipped 0.26 percent to close at 7.53 yuan after the National Development and Reform Commission trimmed the fuel surcharge rate on domestic routes by 3.1 percent.
The benchmark Shanghai Composite Index climbed 1.23 percent to 3,147.42, its highest close since January 21. Turnover reached 154 billion yuan (US$22.55 billion).
"The manufacturing statistics indicated recovery would continue in the coming months," said Wu Zhuowen, a trader at 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 yesterday in its monthly report. Readings above 50 indicate expansion.
Baoshan Iron and Steel Co, China's biggest steel maker, rose 1.52 percent to 8.00 yuan after saying it returned to a profit of 2.11 billion yuan in the fourth quarter. Its full-year profit, however, dropped 10 percent from 2008.
Coal and metal counters rose. Datong Coal Industry Co, a Shanxi-based coal miner, jumped 3.09 percent to 37.98 yuan. Jiangxi Copper Co, China's biggest producer of the metal, increased 2.64 percent to finish at 36.59 yuan.
China Southern Airlines, which operates most domestic routes, dipped 0.26 percent to close at 7.53 yuan after the National Development and Reform Commission trimmed the fuel surcharge rate on domestic routes by 3.1 percent.
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