Index continues to climb for 3rd day
By Hu Xiaocen |
July 4, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks rose yesterday for the third consecutive day as investors were cheered by the growth in China's non-manufacturing activities in June and on speculation the central bank will further ease a liquidity crunch.
The key index gained 0.14 percent to 2,229.19 yesterday.
"China's Purchasing Managers Index in June was better than market expectations. We believe the economy has gradually bottomed out, and will rebound significantly in July," ANZ China said in a weekly report yesterday.
China's service sector rebounded in June to 55.2 after declining for two straight months according to the official non-manufacturing PMI published by the National Bureau of Statistics yesterday. The service PMI was 55.2 in May and 56.1 in April.
Shanghai Jinjiang International Hotels Development Co jumped 1.1 percent to 16.15 yuan and Jinling Hotel Co added 0.7 percent to 7.38 yuan.
ANZ China also speculated that to ease the current liquidity crunch "the central bank will cut the reserve requirement for lenders."
The People's Bank of China injected 143 billion yuan (US$22.6 billion) to the market by a reverse repurchase of bills yesterday, AJ Securities Co said in a note yesterday.
The key index gained 0.14 percent to 2,229.19 yesterday.
"China's Purchasing Managers Index in June was better than market expectations. We believe the economy has gradually bottomed out, and will rebound significantly in July," ANZ China said in a weekly report yesterday.
China's service sector rebounded in June to 55.2 after declining for two straight months according to the official non-manufacturing PMI published by the National Bureau of Statistics yesterday. The service PMI was 55.2 in May and 56.1 in April.
Shanghai Jinjiang International Hotels Development Co jumped 1.1 percent to 16.15 yuan and Jinling Hotel Co added 0.7 percent to 7.38 yuan.
ANZ China also speculated that to ease the current liquidity crunch "the central bank will cut the reserve requirement for lenders."
The People's Bank of China injected 143 billion yuan (US$22.6 billion) to the market by a reverse repurchase of bills yesterday, AJ Securities Co said in a note yesterday.
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