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PMI data pull shares up
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SHANGHAI stocks gained yesterday after the HSBC Flash China Manufacturing Purchasing Managers’ Index rose.
The Shanghai Composite Index climbed 0.87 percent to close at 2,309.72 points.
The HSBC PMI, the earliest available indicator of China’s industrial sector, rose to 50.5 this month, up from August’s final reading of 50.2, said HSBC and research firm Markit yesterday. The September reading marked a two-month high that surprised observers. A reading above 50 means expansion.
Qu Hongbin, an economist at HSBC, said that despite the optimism in manufacturing, the recovery of the economy is not robust. He added that the slowdown in the real estate sector still clouds China’s economic growth.
Sichuan Chengfa Aero Science & Technology rose 9.98 percent to 23.47 yuan (US$3.82). China First Heavy Industries surged by the daily limit of 10 percent to close at 3.03 yuan.
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