Index registers weekly gain
By Hu Xiaocen |
June 2, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks rose on speculation the government may relax monetary policy to bolster the economy after manufacturing activities fell to a six-month low.
The Shanghai Composite Index edged up 0.05 percent to 2,373.44 points, registering a weekly gain of 1.7 percent.
"New orders fell, coupled with rising inventories. The official Purchasing Managers' Index weakened more than expected, indicating the current economic situation is not optimistic," said Teng Tai, chief economist at Minsheng Securities. "The central bank may lower interest rates in the third quarter, most likely in July."
The official PMI that measures China's manufacturing activities fell to 50.4 in May from April's 53.3, the lowest in six months, the China Federation of Logistics and Purchasing said yesterday.
"The economy will bottom out in the third quarter. The central bank may cut interest rates as early as this month, if the Consumer Price Index drops below 3 percent," said Li Xunlei, chief economist at Haitong Securities.
Most brokerages gained on lower A-share trading fees, down by 25 percent on average, which became effective yesterday.
Haitong Securities rose 1.7 percent to 10.63 yuan (US$1.67). Everbright Securities soared 2.14 percent to 14.80 yuan.
The Shanghai Composite Index edged up 0.05 percent to 2,373.44 points, registering a weekly gain of 1.7 percent.
"New orders fell, coupled with rising inventories. The official Purchasing Managers' Index weakened more than expected, indicating the current economic situation is not optimistic," said Teng Tai, chief economist at Minsheng Securities. "The central bank may lower interest rates in the third quarter, most likely in July."
The official PMI that measures China's manufacturing activities fell to 50.4 in May from April's 53.3, the lowest in six months, the China Federation of Logistics and Purchasing said yesterday.
"The economy will bottom out in the third quarter. The central bank may cut interest rates as early as this month, if the Consumer Price Index drops below 3 percent," said Li Xunlei, chief economist at Haitong Securities.
Most brokerages gained on lower A-share trading fees, down by 25 percent on average, which became effective yesterday.
Haitong Securities rose 1.7 percent to 10.63 yuan (US$1.67). Everbright Securities soared 2.14 percent to 14.80 yuan.
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