Optimistic investors push shares higher
Print Edition
SHANGHAI stocks rose yesterday amid optimism that new data due out today will reveal a recovery in China’s manufacturing and offer fresh evidence that economic growth is regaining.
The Shanghai Composite Index added 0.59 percent to 2,048.33 points. For June, the index gained 0.45 percent.
Investors were optimistic that the official Purchasing Managers’ Index due today will underline the rebound in manufacturing activities of large and stated-owned factories as economic growth regained momentum.
China Minzu Securities expects the PMI to rise to 51 in June from 50.8 in May.
“Loosening monetary policies, higher growth in investment in infrastructure projects in May and faster fiscal spending are expected to contribute to the improvement of the official PMI reading,” said Zhu Qibing, analyst at the brokerage.
The HSBC Flash China Manufacturing Purchasing Managers’ Index, the earliest indicator of the country’s industrial activity released last week, rose unexpectedly to the highest level in seven months.
Heavy manufacturers gained the most, with Shaanxi Aerospace Power Hi-Tech up 10 percent to 12.09 yuan (US$1.94). China Aerospace Times Electronics surged 8.2 percent to 11.78 yuan.
China Shipbuilding Industry advanced 1.5 percent to finish at 4.82 yuan, and China CSSC Holdings added 3 percent to close at 21.06 yuan.
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