Higher PMI boosts Shanghai stocks by break

By Ye Zhen | August 1, 2013, Thursday |

Online Edition

An unexpected improvement in China’s manufacturing sector in July pushed the Shanghai stock market higher in the morning trading, with the Shanghai Composite Index rising 0.86 percent to 2,010.85 points.

China’s official Purchasing Managers’ Index, a gauge of manufacturing activity slanted more toward state-owned enterprises, rise to 50.3 in July, according to the National Bureau of Statistics. The figure represents a slender gain from 50.1 in June and is higher than a market expectation of 49.8.

A reading of 50 or higher generally indicates that activity is expanding.

Zhao Qinghe, a senior statistician at the bureau, said the rebound in July’s PMI was largely due to a recovery in business confidence after the government unveiled a raft of measures to stabilize growth and promote restructuring.

Metal and energy shares gained after the better-than-expected PMI. Jiangxi Copper Co, China’s largest producer of the metal, surged 1.4 percent to 15.75 yuan (US$2.57). China Shenhua Energy Co, the biggest coal producer, climbed 0.6 percent to 16.10 yuan.

Business Finance

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Higher PMI boosts Shanghai stocks by break

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