Index extends gains for fifth straight day
Print Edition
Shanghai shares rose for a fifth straight day yesterday as concerns over economic slowdown dwindled after weekend data pointed to a recovering service sector in July.
The benchmark Shanghai Composite Index rose 1.04 percent to close at 2,050.48 points.
“Policy uncertainty that had depressed market performance was eliminated after the politburo’s mid-year meeting last week stressed the need to stabilize the economy while the State Council pledged to bolster demand,” CITIC Securities said in a weekly report yesterday.
“Meanwhile, rebounding Purchasing Managers’ Indexes indicated a mild resilience in the economy and helped quell fears over an economic downturn,” CITIC said.
China’s official non-manufacturing PMI, a gauge of business activity in the service sector, rose in July to 54.1 from 53.9 in June, the China Federation of Logistics and Purchasing reported on Saturday. A reading of 50 or higher indicates expansion. The upbeat data came after figures released earlier suggested a surprising expansion in manufacturing activity.
A separate survey showed the HSBC China Services PMI unchanged at 51.3 in July, with new orders recovering to a four-month high of 52.3.
Shipyards led the gainers after the State Council released a three-year plan to upgrade the shipbuilding industry. China CSSC Holdings Ltd, the listed arm of shipbuilding conglomerate China State Shipbuilding Corp, surged 6.4 percent to 17.99 yuan (US$2.95). CSSC Jiangnan Heavy Industry Co leaped by the daily limit of 10 percent to 11.15 yuan. Guangzhou Shipyard International Co jumped 7.6 percent to 10.99 yuan.
Dairy producers gained after China halted imports of milk powder from New Zealand’s Fonterra Cooperative Group Ltd following the discovery of bacteria in its products that can cause botulism. Inner Mongolia Yili Industrial Group Co rose 3.1 percent to 37.09 yuan. Beijing Sanyuan Foods Co advanced 4.8 percent to 6.62 yuan.
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