Related News
Manufacturing surge bolsters market
By Winny Wang |
April 1, 2010, Thursday
|
Online Edition
Online Edition
CHINESE mainland shares gained today after an official survey showed the country's manufacturing activities grew faster last month, fanning optimism about a sustained economic recovery.
The Shanghai Composite Index, which covers the bigger bourse on the mainland, rose 1.23 percent to close at 3,147.42 points. Turnover reached 154 billion yuan (US$22.55 billion). Gainers outnumbered losers by 762 against 66 while 36 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland exchange, advanced 1.43 percent to close at 1,228.62 points.
"The manufacturing statistics indicated recovery would continue in the coming months," said Wu Zhuowen, a trader with Guosen Securities Co. "Companies will benefit from growing demand from both home and abroad."
The Purchasing Managers' Index jumped to a seasonally adjusted 55.1 last month from 52 in February, the Federation of Logistics and Purchasing said today in its monthly report. Readings above 50 indicate expansion.
Baoshan Iron and Steel Co, China's biggest steel maker, rose 1.52 percent to 8 yuan after saying it returned to a profit of 2.11 billion yuan in the fourth quarter. Full-year profit dropped 10 percent from 2008.
Coal and metal counters were strong. Datong Coal Industry Co, a Shanxi province-based coal miner, jumped 3.09 percent to 37.98 yuan. Jiangxi Copper Co, China's biggest maker of the metal, increased 2.64 percent to 36.59 yuan.
China Southern Airlines, which runs mostly domestic routes, declined 0.26 percent to 7.53 yuan after the country's economic planning body reduced fuel surcharge rate on domestic routes by 3.1 percent starting today. China Eastern Airlines declined 0.13 percent to 7.84 yuan.
The Shanghai Composite Index, which covers the bigger bourse on the mainland, rose 1.23 percent to close at 3,147.42 points. Turnover reached 154 billion yuan (US$22.55 billion). Gainers outnumbered losers by 762 against 66 while 36 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland exchange, advanced 1.43 percent to close at 1,228.62 points.
"The manufacturing statistics indicated recovery would continue in the coming months," said Wu Zhuowen, a trader with Guosen Securities Co. "Companies will benefit from growing demand from both home and abroad."
The Purchasing Managers' Index jumped to a seasonally adjusted 55.1 last month from 52 in February, the Federation of Logistics and Purchasing said today in its monthly report. Readings above 50 indicate expansion.
Baoshan Iron and Steel Co, China's biggest steel maker, rose 1.52 percent to 8 yuan after saying it returned to a profit of 2.11 billion yuan in the fourth quarter. Full-year profit dropped 10 percent from 2008.
Coal and metal counters were strong. Datong Coal Industry Co, a Shanxi province-based coal miner, jumped 3.09 percent to 37.98 yuan. Jiangxi Copper Co, China's biggest maker of the metal, increased 2.64 percent to 36.59 yuan.
China Southern Airlines, which runs mostly domestic routes, declined 0.26 percent to 7.53 yuan after the country's economic planning body reduced fuel surcharge rate on domestic routes by 3.1 percent starting today. China Eastern Airlines declined 0.13 percent to 7.84 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.
