Improving PMI sends shares up over 2%
Print Edition
SHANGHAI stocks rebounded yesterday after suffering the worst weekly tumble since 2008, as a private survey showed China’s manufacturing stabilized in June.
The Shanghai Composite Index gained 2.19 percent to 4,576.49 points.
The HSBC Flash China Manufacturing Purchasing Managers’ Index rose to 49.6 in June from 49.2 in May.
Nomura Securities said the higher HSBC flash PMI in June signaled a stable sector and an improved growth pace. The brokerage said this could be due to previous policy easing taking effect.
Nomura predicted the official June PMI, due on July 1, to rise to 50.5 from 50.2 in May and economic growth in the second quarter of this year to slow to 6.6 percent year on year from 7 percent in the first three months.
Nomura expects two more 50-basis-point cuts in the bank reserve requirement ratio and two more 25-basis-point cuts in interest rates for the rest of the year.
Avic Aviation Engine Corp surged by the daily 10 percent limit to 66.18 yuan (US$10.66) as did Avicopter Plc to 71.85 yuan. Jiangxi Hongdu Aviation Industry Co rallied 8.08 percent to close at 41.61 yuan.
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