Industrial expansion a boost for shares
SHANGHAI'S key stock index yesterday rose for the first time in four days after statistics showed a rebound in manufacturing growth. Coal miners and oil producers led the gainers.
The Shanghai Composite Index added 1.3 percent, the biggest gain in four weeks, to 2,967.41. Turnover shrank to 126 billion yuan (US$19 billion) from Thursday's 136 billion yuan.
Over the week, the gauge dipped 0.3 percent.
China's Purchase Managers Index, a measure of industrial activities, rose to 53.4 percent in March from 52.2 percent. It was the first increase in four months, but analysts said the increase was due to seasonal factors.
"We've seen a decrease in domestic needs," China International Capital Corp said in a report. "Cost for materials was down a bit, but inflation pressure remained high."
Coal miners and oil producers led the gainers as oil prices continued to rise. An index tracking coal miners jumped 2.5 percent during the week.
China Shenhua Energy Co, China's largest coal producer, rose 1.9 percent to 29.63 yuan. PetroChina, China's largest oil producer, was up 0.9 percent to 12.01 yuan.
Banks rose on speculation that higher lending rates will boost earnings.
The Industrial and Commercial Bank of China, the country's biggest lender, added 0.7 percent to 4.50 yuan. China Merchants Bank rose 1.7 percent to 14.33 yuan.
The Shanghai Composite Index added 1.3 percent, the biggest gain in four weeks, to 2,967.41. Turnover shrank to 126 billion yuan (US$19 billion) from Thursday's 136 billion yuan.
Over the week, the gauge dipped 0.3 percent.
China's Purchase Managers Index, a measure of industrial activities, rose to 53.4 percent in March from 52.2 percent. It was the first increase in four months, but analysts said the increase was due to seasonal factors.
"We've seen a decrease in domestic needs," China International Capital Corp said in a report. "Cost for materials was down a bit, but inflation pressure remained high."
Coal miners and oil producers led the gainers as oil prices continued to rise. An index tracking coal miners jumped 2.5 percent during the week.
China Shenhua Energy Co, China's largest coal producer, rose 1.9 percent to 29.63 yuan. PetroChina, China's largest oil producer, was up 0.9 percent to 12.01 yuan.
Banks rose on speculation that higher lending rates will boost earnings.
The Industrial and Commercial Bank of China, the country's biggest lender, added 0.7 percent to 4.50 yuan. China Merchants Bank rose 1.7 percent to 14.33 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.