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Market anticipates policy easing to shore up flagging economy
By Ye Zhen |
August 23, 2012, Thursday
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Online Edition
Online Edition
SHANGHAI stocks edged up today on speculation the government will step up efforts to shore up economic growth after data showed the nation's manufacturing activity is likely to hit a nine-month low in August.
The benchmark Shanghai Composite Index gained 0.25 percent, or 5.36 points to settle at 2,113.07 points. Turnover was 50.3 billion yuan (US$8 billion) at the trading close.
A preliminary reading of HSBC's China Purchasing Managers' Index for August fell to 47.8, the lowest in nine months, HSBC Holdings PLC announced today. The index climbed to a three-month high of 49.3 in July.
A reading above 50 indicates the sector is expanding.
Qu Hongbin, chief economist for China at HSBC, attributed the contraction of PMI to a fall in export orders to the lowest level since March 2009 due to diminishing demand.
China should strengthen policy support and encourage infrastructure investment to ensure economic growth and employment, Qu said.
Speculation for monetary policy easing is likely to grow with falling indicators, said Li Xiaopeng, an analyst at China Securities Co.
Gold stocks gained among non-ferrous metal producers after spot gold hit its highest since May in New York on speculation the US Federal Reserve may launch another round of monetary stimulus soon. Zijin Mining Group Co, the nation's largest gold producer, increased 2.4 percent to 3.92 yuan. Shandong Gold Mining Co jumped 4 percent to 36.54 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, added 2.4 percent to end at 37.61 yuan. Xiamen Tungsten Co surged 7 percent to 45.13 yuan.
Brokerages rose after China's securities regulator released a draft guide to solicit opinions on moves to relax the curb on assets management business of brokerages. Founder Securities Co advanced 1.2 percent to 4.26 yuan. Haitong Securities Co gained 0.7 percent to 8.58 yuan. Soochow Securities Co added 0.9 percent to 7.53 yuan.
The benchmark Shanghai Composite Index gained 0.25 percent, or 5.36 points to settle at 2,113.07 points. Turnover was 50.3 billion yuan (US$8 billion) at the trading close.
A preliminary reading of HSBC's China Purchasing Managers' Index for August fell to 47.8, the lowest in nine months, HSBC Holdings PLC announced today. The index climbed to a three-month high of 49.3 in July.
A reading above 50 indicates the sector is expanding.
Qu Hongbin, chief economist for China at HSBC, attributed the contraction of PMI to a fall in export orders to the lowest level since March 2009 due to diminishing demand.
China should strengthen policy support and encourage infrastructure investment to ensure economic growth and employment, Qu said.
Speculation for monetary policy easing is likely to grow with falling indicators, said Li Xiaopeng, an analyst at China Securities Co.
Gold stocks gained among non-ferrous metal producers after spot gold hit its highest since May in New York on speculation the US Federal Reserve may launch another round of monetary stimulus soon. Zijin Mining Group Co, the nation's largest gold producer, increased 2.4 percent to 3.92 yuan. Shandong Gold Mining Co jumped 4 percent to 36.54 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, added 2.4 percent to end at 37.61 yuan. Xiamen Tungsten Co surged 7 percent to 45.13 yuan.
Brokerages rose after China's securities regulator released a draft guide to solicit opinions on moves to relax the curb on assets management business of brokerages. Founder Securities Co advanced 1.2 percent to 4.26 yuan. Haitong Securities Co gained 0.7 percent to 8.58 yuan. Soochow Securities Co added 0.9 percent to 7.53 yuan.
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