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Improved PMI, media merger plan bolster Shanghai stock index
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SHANGHAI stocks rallied today for the fourth consecutive day, amid buoyant market sentiment lifted by improved official service purchasing managers' index (PMI) in August and speculation of policy easing.
The Shanghai Composite Index rose 1 percent to 2,288.63 points today, the highest level since last June, after China’s official non-manufacturing PMI rebounded from a six-month low to 54.4 percent in August.
However, the lower-than-expected official manufacturing PMI may suggest further broad-based policy easing in the second half this year, Standard Chartered Bank said in a report today.
Galaxy Securities said it also expected the People’s Bank of China to further ease monetary policies after it recently granted 20 billion yuan (US$3.28 billion) re-lending quotas to some rural banks to support agriculture, and cut interest rates on re-lending to some bank branches in poor areas by 1 percentage point.
Media and entertainment stocks rose 2.9 percent on average after Shanghai Securities News reported that Shanghai Media Group, the multimedia television and radio broadcasting, news and Internet company, will embark on asset restructuring. Its listed units Bestv New Media Co and Shanghai Oriental Pearl Group Co will merge into one hundred-billion-yuan level company. Bestv and Oriental Pearl suspended trading today.
Northern United Publishing & Media (Group) Co, surged by the 10 percent daily limit to 10.77 yuan (US$1.7). ZheJiang Daily Media Group Co jumped 5.9 percent to 19.28 yuan. China Television Media rose 4.2 percent to 20.56 yuan.
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