PMI data and foreign funds pull index up
By Ye Zhen |
March 22, 2013, Friday
|
Print Edition
Print Edition
SHANGHAI stocks gained for a third straight day yesterday as China's industrial activity gathered speed, and foreign investment in domestic securities increased.
The Shanghai Composite Index added 0.3 percent to 2,324.24 points.
HSBC's Flash China Purchasing Managers' Index, geared toward private and export-oriented firms, rose to 51.7 in March, up from February's final figure of 50.4, the bank said yesterday.
The reading is the highest in two months and beat hopes of 50.9. A reading of 50 or higher means expansion.
"The rebound of the flash PMI for March is backed by strong growth in new orders and production," said Qu Hongbin, HSBC's chief economist for China. "This implies the Chinese economy is on track for a gradual recovery."
A Guodu Securities report yesterday said the better-than-expected PMI data eased concerns the economic recovery is getting weak. The brokerage added the stock index is likely to stabilize above the 2,300 level.
China's foreign-exchange regulator granted quotas totaling US$3.4 billion to foreign institutions in the first two months of this year, the State Administration of Foreign Exchange said. The figure marked an annual surge of 487 percent, indicating an insatiable overseas appetite for Chinese securities.
Environmental protection stocks rose after the Beijing government said it plans to accelerate the construction of facilities for wastewater disposal and sewage recycling.
Beijing Capital Co, a wastewater treatment firm, surged by the daily limit of 10 percent to 7.82 yuan (US$) as did Tianjin Capital Environmental Protection Group which ended at 10.30 yuan.
The Shanghai Composite Index added 0.3 percent to 2,324.24 points.
HSBC's Flash China Purchasing Managers' Index, geared toward private and export-oriented firms, rose to 51.7 in March, up from February's final figure of 50.4, the bank said yesterday.
The reading is the highest in two months and beat hopes of 50.9. A reading of 50 or higher means expansion.
"The rebound of the flash PMI for March is backed by strong growth in new orders and production," said Qu Hongbin, HSBC's chief economist for China. "This implies the Chinese economy is on track for a gradual recovery."
A Guodu Securities report yesterday said the better-than-expected PMI data eased concerns the economic recovery is getting weak. The brokerage added the stock index is likely to stabilize above the 2,300 level.
China's foreign-exchange regulator granted quotas totaling US$3.4 billion to foreign institutions in the first two months of this year, the State Administration of Foreign Exchange said. The figure marked an annual surge of 487 percent, indicating an insatiable overseas appetite for Chinese securities.
Environmental protection stocks rose after the Beijing government said it plans to accelerate the construction of facilities for wastewater disposal and sewage recycling.
Beijing Capital Co, a wastewater treatment firm, surged by the daily limit of 10 percent to 7.82 yuan (US$) as did Tianjin Capital Environmental Protection Group which ended at 10.30 yuan.
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