Index rises on investors' hopes for positive PMI
By Ye Zhen |
November 1, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks rose for a second straight day yesterday as investors hope that the official Purchasing Managers Index for October due today will show an expansion in China's manufacturing activity after two months of contraction.
The Shanghai Composite Index added 0.32 percent to 2,068.88 points.
Analysts are generally optimistic that the PMI for October set to be released today is likely to rise above 50 after it had shrunk for two consecutive months. A Reuters survey based on the median of 14 analysts' forecasts pointed to a rise to 50.3 in October in the official PMI. A reading above 50 signals expansion.
Railway-related stocks led the rise after media reported the Ministry of Finance is planning to subsidize public railway services such as transport of military cargoes and relief items. China Railway Erju Co gained 3.2 percent to 6.42 yuan and CSR Corp leaped 5.4 percent to 4.47 yuan.
Coal producers also rose as the government is studying a plan to free up the state-controlled thermal coal price. Zhengzhou Coal Industry & Electric Power Co added 4.1 percent to 7.58 yuan and Anyuan Coal Industry Group Co rose 4.5 percent to 14.06 yuan.
Shenyin & Wanguo Securities said in a report yesterday the stock index is likely to fluctuate within a narrow range above 2,000 points in the short term. The stock index shed 0.82 percent last month.
The Shanghai Composite Index added 0.32 percent to 2,068.88 points.
Analysts are generally optimistic that the PMI for October set to be released today is likely to rise above 50 after it had shrunk for two consecutive months. A Reuters survey based on the median of 14 analysts' forecasts pointed to a rise to 50.3 in October in the official PMI. A reading above 50 signals expansion.
Railway-related stocks led the rise after media reported the Ministry of Finance is planning to subsidize public railway services such as transport of military cargoes and relief items. China Railway Erju Co gained 3.2 percent to 6.42 yuan and CSR Corp leaped 5.4 percent to 4.47 yuan.
Coal producers also rose as the government is studying a plan to free up the state-controlled thermal coal price. Zhengzhou Coal Industry & Electric Power Co added 4.1 percent to 7.58 yuan and Anyuan Coal Industry Group Co rose 4.5 percent to 14.06 yuan.
Shenyin & Wanguo Securities said in a report yesterday the stock index is likely to fluctuate within a narrow range above 2,000 points in the short term. The stock index shed 0.82 percent last month.
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