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Improved PMI pulls shares up
Print Edition
SHANGHAI stocks yesterday rose for a fourth straight day on an improved non-manufacturing Purchasing Managers’ Index in August and speculation that policies may ease.
The Shanghai Composite Index climbed 1 percent to 2,288.63 points, the highest level since June last year.
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 see a further easing in economic policies in the second half of this year, Standard Chartered Bank said in a report.
Galaxy Securities predicted the People’s Bank of China to further ease monetary policies after the central bank recently granted 20 billion yuan (US$3.3 billion) relending quotas to rural banks, and cut interest rates on re-lending to bank branches in poor areas by 1 percentage point.
Media and entertainment stocks rose 2.9 percent on average after the Shanghai Securities News reported the Shanghai Media Group will embark on an asset restructuring.
Northern United Publishing & Media (Group) Co surged by the 10 percent daily limit to 10.77 yuan. Zhejiang Daily Media Group jumped 5.9 percent to 19.28 yuan, and China Television Media rose 4.2 percent to close at 20.56 yuan.
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