Key index gains for 1st time in six days
By Chen Li |
August 24, 2011, Wednesday
|
Print Edition
Print Edition
SHARES in Shanghai yesterday rose for the first time in six days as investor concerns eased after data showed that China's manufacturing activities slightly improved this month.
The Shanghai Composite Index climbed 1.5 percent, the biggest increase since July 4, to 2,554.02 points.
HSBC's preliminary reading of a survey on China's manufacturing activities in August showed that the monthly flash Purchasing Managers' Index edged up to 49.8 from July's final reading of 49.3.
While a reading below 50 signals contraction, investors were encouraged by the improvement from last month.
"This somewhat eased concerns that China's economy will continue to decline," said Zhou Xuesong, an analyst with Sealand Securities.
But he cautioned that investors "better wait for another two or three weeks for more evidence that can cement the impression that China's economy is still fine."
A strong rebound among financial shares in the afternoon helped the market expand morning gains. Investors showed renewed confidence in lenders after China Construction Bank's first half net profit jumped 31 percent from a year ago to nearly 92.9 billion yuan. Its shares edged up 0.67 percent to 4.48 yuan.
The Bank of Communications added 1.7 percent to 4.68 yuan (73 US cents). China Minsheng Banking Corp jumped 3.2 percent to 5.77 yuan.
The total net profit of the seven listed lenders, including Minsheng and BoCom, rose 34.7 percent from last year to nearly 164.3 billion yuan.
The Shanghai Composite Index climbed 1.5 percent, the biggest increase since July 4, to 2,554.02 points.
HSBC's preliminary reading of a survey on China's manufacturing activities in August showed that the monthly flash Purchasing Managers' Index edged up to 49.8 from July's final reading of 49.3.
While a reading below 50 signals contraction, investors were encouraged by the improvement from last month.
"This somewhat eased concerns that China's economy will continue to decline," said Zhou Xuesong, an analyst with Sealand Securities.
But he cautioned that investors "better wait for another two or three weeks for more evidence that can cement the impression that China's economy is still fine."
A strong rebound among financial shares in the afternoon helped the market expand morning gains. Investors showed renewed confidence in lenders after China Construction Bank's first half net profit jumped 31 percent from a year ago to nearly 92.9 billion yuan. Its shares edged up 0.67 percent to 4.48 yuan.
The Bank of Communications added 1.7 percent to 4.68 yuan (73 US cents). China Minsheng Banking Corp jumped 3.2 percent to 5.77 yuan.
The total net profit of the seven listed lenders, including Minsheng and BoCom, rose 34.7 percent from last year to nearly 164.3 billion yuan.
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