Gold shares lift market from earlier decline
Print Edition
SHANGHAI stocks edged up yesterday as gold counters lifted the market after it declined earlier on sluggish manufacturing data.
The Shanghai Composite Index added 0.05 percent to end at 2,027.35 after falling nearly 0.9 percent earlier.
Gold stocks gained after spot gold prices rose to a three-week high of US$1,308.50 an ounce on escalating political tension in Ukraine.
Yantai Yuancheng Gold Co surged 7.1 percent to 10.68 yuan (US$1.71). Chifeng Jilong Gold Mining Co jumped 3.3 percent to 13.95 yuan.
The market fell earlier after data showed China’s manufacturing sector continued to contract in April.
The HSBC Manufacturing Purchasing Managers’ Index, a gauge of industrial activity slanted toward private and export-oriented enterprises, climbed to 48.1 in April, a slight increase from 48 in the month before, according to HSBC Holdings PLC yesterday.
The index has stayed below 50 that separates contraction from expansion for four months in a row, indicating a sluggish manufacturing sector.
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