Industrial expansion a boost for shares
By Feng Jianmin |
April 2, 2011, Saturday
|
Print Edition
Print Edition
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.
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