Index climbs 1.7% on PMI figures
By Ye Zhen |
November 2, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks rose the most in over three weeks yesterday after data showed a recovery in China's manufacturing sector, pointing to a rebound in the world's second largest economy.
The Shanghai Composite Index posted the biggest gain since October 9 by adding 1.72 percent to 2,104.43 points.
China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more to state-owned firms, rose to 50.2 in October, the first time it has risen above 50 since July, according to the China Federation of Logistics and Purchasing yesterday. A reading above 50 indicates expansion.
"The PMI returned to expansion last month, suggesting the trend of stabilization and recovery in China's economy has consolidated," said Cai Jin, deputy director of CFLP. Cai expects a modest economic recovery in the fourth quarter.
A HSBC PMI report yesterday also noted improving conditions for the country's private and export-oriented manufacturers, with its gauge rising to an eight-month high of 49.5, from 47.9 in September.
Sentiment rose after the People's Bank of China yesterday injected 173 billion yuan into the banking system via reverse repurchase agreements, bringing its weekly injection to a record 379 billion yuan.
The Industrial and Commercial Bank of China, the nation's biggest lender, gained 1.3 percent to 3.87 yuan. China Merchants Bank rose 2.2 percent to 10.30 yuan.
Property firms climbed after the China Securities Journal said Chinese cities are fine-tuning policies to boost home buying. Poly Real Estate, the nation's second largest developer, rose 4.4 percent to 11.60 yuan.
The Shanghai Composite Index posted the biggest gain since October 9 by adding 1.72 percent to 2,104.43 points.
China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more to state-owned firms, rose to 50.2 in October, the first time it has risen above 50 since July, according to the China Federation of Logistics and Purchasing yesterday. A reading above 50 indicates expansion.
"The PMI returned to expansion last month, suggesting the trend of stabilization and recovery in China's economy has consolidated," said Cai Jin, deputy director of CFLP. Cai expects a modest economic recovery in the fourth quarter.
A HSBC PMI report yesterday also noted improving conditions for the country's private and export-oriented manufacturers, with its gauge rising to an eight-month high of 49.5, from 47.9 in September.
Sentiment rose after the People's Bank of China yesterday injected 173 billion yuan into the banking system via reverse repurchase agreements, bringing its weekly injection to a record 379 billion yuan.
The Industrial and Commercial Bank of China, the nation's biggest lender, gained 1.3 percent to 3.87 yuan. China Merchants Bank rose 2.2 percent to 10.30 yuan.
Property firms climbed after the China Securities Journal said Chinese cities are fine-tuning policies to boost home buying. Poly Real Estate, the nation's second largest developer, rose 4.4 percent to 11.60 yuan.
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