Index snaps losing streak on PMI data
Print Edition
SHANGHAI stocks rose yesterday, snapping a four-day losing streak, after new data showed China’s manufacturing activity picked up the pace in March.
The key Shanghai Composite Index rose 0.7 percent to 2,047.46 points.
The market was boosted by China’s official Purchasing Managers’ Index, a gauge of manufacturing activity slanted more toward state-owned firms, which rose to 50.3 in March, from 50.2 in February. A reading of 50 or above indicates expansion.
“Although the rebound was due to seasonal factors, the March PMI bucked a three-month falling trend and gave hope for a stable growth outlook,” said Zhang Liqun, an analyst with the Development Research Center of the State Council, China’s Cabinet.
But the HSBC Purchasing Managers’ Index, which measures operating conditions at largely private and export-oriented companies, fell to an eight-month low of 48 in March, down from 48.5 in February, HSBC Holdings Plc said.
Shenyin & Wanguo Securities said US Federal Reserve Chairman Janet Yellen’s comments that the United States job market remains weak and in need of the support of low interest rates also helped ease concerns over liquidity tightening overseas.
Distilleries led the gainers. Kweichow Moutai Co advanced 5 percent to 162.49 yuan (US$26.18). Shanxi Xinghuacun Fen Wine Factory Co added 1.2 percent to 15.57 yuan.
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