PMI reading boosts Shanghai stocks
By Ye Zhen |
July 25, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks rose yesterday after a preliminary HSBC PMI reading hit a five-month high in July, indicating the country's manufacturing is recovering and adding to optimism over an economic rebound.
The key index rallied from a three-year low on Monday, adding 0.24 percent to settle at 2,146.59 points yesterday.
HSBC's Flash China Purchasing Managers' Index climbed in July to 49.5, compared with a final figure of 48.2 in June, HSBC Holdings Plc announced yesterday. A reading of 50 or higher generally indicates that activity is expanding.
"PMI in July rebounded to a five-month high, indicating that the monetary easing measures have started to take effect," said Qu Hongbin, chief economist for China at HSBC.
Song Yu, a Goldman Sachs economist, said the rebound in HSBC PMI data sent a positive message that China's economy is likely to recover at a modest pace in the second half.
Insurers gained as the government allowed them to outsource management service to brokerages and fund management companies. "The move will help improve the investment returns of insurance funds in the medium and long term," Citic Securities said in a report yesterday.
China Life Insurance, the country's biggest insurer, rose 1.6 percent to 19.83 yuan (US$3.11). Ping An Insurance Co, the second largest, edged up 0.3 percent to 44.93 yuan.
Poly Real Estate, China's second-largest developer, rose 2.1 percent to 11.44 yuan, after Nanjing City in Jiangsu Province unveiled loan support for first-home buyers.
The key index rallied from a three-year low on Monday, adding 0.24 percent to settle at 2,146.59 points yesterday.
HSBC's Flash China Purchasing Managers' Index climbed in July to 49.5, compared with a final figure of 48.2 in June, HSBC Holdings Plc announced yesterday. A reading of 50 or higher generally indicates that activity is expanding.
"PMI in July rebounded to a five-month high, indicating that the monetary easing measures have started to take effect," said Qu Hongbin, chief economist for China at HSBC.
Song Yu, a Goldman Sachs economist, said the rebound in HSBC PMI data sent a positive message that China's economy is likely to recover at a modest pace in the second half.
Insurers gained as the government allowed them to outsource management service to brokerages and fund management companies. "The move will help improve the investment returns of insurance funds in the medium and long term," Citic Securities said in a report yesterday.
China Life Insurance, the country's biggest insurer, rose 1.6 percent to 19.83 yuan (US$3.11). Ping An Insurance Co, the second largest, edged up 0.3 percent to 44.93 yuan.
Poly Real Estate, China's second-largest developer, rose 2.1 percent to 11.44 yuan, after Nanjing City in Jiangsu Province unveiled loan support for first-home buyers.
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