Factory data give shares a slight lift
Print Edition
SHANGHAI stocks edged up yesterday as investors were buoyed by data showing China’s manufacturing sector may have rebounded in January.
The Shanghai Composite Index ended 0.25 percent higher at 3,351.76 points. For the week, the index recovered most of the losses from Monday’s sharp 7.7 percent drop to fall 0.73 percent and snapped a winning streak of eight straight weeks.
The HSBC Flash China Manufacturing Purchasing Managers’ Index finished at 49.8 in January, up marginally from December’s final reading of 49.6, according to HSBC and Markit.
But the index was still below the 50-point mark that separates growth from decline.
“Although the headline index remained in negative territory, the rebound signaled the economy is stabilizing,” China International Capital Corp Ltd said.
CITIC Securities rose 2.7 percent to close at 29.21 yuan (US$4.69) yesterday after it said it has been approved to open 22 new branches.
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