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Improving PMI boosts Shanghai index
By Ye Zhen |
November 1, 2012, Thursday
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Online Edition
Online Edition
SHANGHAI stocks surged in the morning session after China's latest manufacturing data indicated further recovery of the world's second largest economy.
The benchmark Shanghai Composite Index jumped 1.77 percent, or 36.72 points, to 2,105.60 points. Turnover reached 35.4 billion yuan (US$5.6 billion) by midday.
China's official Purchasing Managers' Index, a gauge of manufacturing activity weighted more on state-owned firms, rose to 50.2 in October, up 0.4 points from a month earlier, according to the China Federation of Logistics and Purchasing. It's also the first time since July the index climbed above 50. A reading above 50 indicates expansion.
"The PMI returned to the territory of expansion last month, suggesting the trend of stabilization and recovery in China's economy has consolidated," said Cai Jin, deputy director of the CFLP. Cai expects a modest economic recovery in the fourth quarter.
Meanwhile, a HSBC report also noted improving conditions of the country's private and export-oriented manufacturers. HSBC's China Purchasing Managers' Index rose to an eight-month high of 49.5, from 47.9 in September, HSBC Holdings PLC announced today.
Property developers advanced after a report in the China Securities Journal said many Chinese cities are fine-tuning property policies to stimulus housing purchases. China Vanke, the nation's biggest developer, rose 3.5 percent to 8.61 yuan. Poly Real Estate, the second largest developer, increased 5.6 percent to 11.73 yuan. Gemdale Corporation added 4.8 percent to 5.45 yuan.
Brokerages rallied as China's top securities regulator is mulling a plan to let them expand their self-funded businesses. CITIC Securities, China's biggest listed brokerage, rose 2.2 percent to 11.13 yuan. Sinolink Securities Co soared 6 percent to 15.25 yuan. Haitong Securities Co added 3.1 percent to 9.18 yuan.
The benchmark Shanghai Composite Index jumped 1.77 percent, or 36.72 points, to 2,105.60 points. Turnover reached 35.4 billion yuan (US$5.6 billion) by midday.
China's official Purchasing Managers' Index, a gauge of manufacturing activity weighted more on state-owned firms, rose to 50.2 in October, up 0.4 points from a month earlier, according to the China Federation of Logistics and Purchasing. It's also the first time since July the index climbed above 50. A reading above 50 indicates expansion.
"The PMI returned to the territory of expansion last month, suggesting the trend of stabilization and recovery in China's economy has consolidated," said Cai Jin, deputy director of the CFLP. Cai expects a modest economic recovery in the fourth quarter.
Meanwhile, a HSBC report also noted improving conditions of the country's private and export-oriented manufacturers. HSBC's China Purchasing Managers' Index rose to an eight-month high of 49.5, from 47.9 in September, HSBC Holdings PLC announced today.
Property developers advanced after a report in the China Securities Journal said many Chinese cities are fine-tuning property policies to stimulus housing purchases. China Vanke, the nation's biggest developer, rose 3.5 percent to 8.61 yuan. Poly Real Estate, the second largest developer, increased 5.6 percent to 11.73 yuan. Gemdale Corporation added 4.8 percent to 5.45 yuan.
Brokerages rallied as China's top securities regulator is mulling a plan to let them expand their self-funded businesses. CITIC Securities, China's biggest listed brokerage, rose 2.2 percent to 11.13 yuan. Sinolink Securities Co soared 6 percent to 15.25 yuan. Haitong Securities Co added 3.1 percent to 9.18 yuan.
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