Index rises by break on improving service sector

By Ye Zhen | August 5, 2013, Monday |

Online Edition

SHANGHAI stocks inched up in morning trading after data released over the weekend pointed to a recovering service sector in July.

The benchmark Shanghai Composite Index added 0.15 percent to 2,032.44 points.

China’s official non-manufacturing Purchasing Managers’ Index, a gauge of business activity in the service sector, rose in July to 54.1 from 53.9 in June, China Federation of Logistics and Purchasing reported on Saturday. A reading of 50 or higher indicates that activity is expanding.

The upbeat data came after figures released earlier indicating a surprising expansion in manufacturing activity, adding to signs that growth in the world’s second-largest economy is stabilizing.

A separate survey this morning showed the HSBC China Services PMI remained unchanged at 51.3 in July, with new orders recovering to a four-month high of 52.3.

Shipyards led the market gain after the State Council released a three-year plan to accelerate the upgrade of the shipbuilding industry.

China CSSC Holdings Ltd, the listed arm of shipbuilding conglomerate China State Shipbuilding Corp, surged 8.5 percent to 18.34 yuan (US$2.99). CSSC Jiangnan Heavy Industry Co leaped by the daily limit of 10 percent to 11.15 yuan. Guangzhou Shipyard International Co jumped 7.8 percent to 11.01 yuan.

The market gain was tempered with a decline in homebuilders after the Ministry of Finance pledged to expand the trial of property tax program.

Poly Real Estate, China’s second-largest listed developer, dropped 1 percent to 10.82 yuan. Gemdale Corp shed 0.7 percent to 7.12 yuan.

Business Finance

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Index rises by break on improving service sector

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