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Positive production index inspires stock jump
By Lydia Chen |
August 23, 2011, Tuesday
|
Online Edition
Online Edition
SHARES in Shanghai rose for the first time in six days today as better-than-expected Chinese manufacturing data boosted investor confidence.
The Shanghai Composite Index halted a week-long loss with a rise of1.52 percent to 2,554.02 points. Turnover was 63.2 billion yuan (US$9.9 billion), compared with yesterday's 65.5 billion yuan.
HSBC's preliminary reading of a survey on China's manufacturing activities in August showed the monthly Purchasing Managers' Index edged up to 49.8 from July's final reading of 49.3.
"This somewhat eased concerns that China's economy will continue to decline," said Zhou Xuesong, an analyst with Sealand Securities.
Strong rebounds among financials in the afternoon helped expand morning gains to see the biggest daily market increase since July 4.
Meanwhile, a rebound in the cement sector also helped pushed the market higher after the HSBC report.
Anhui Conch Cement Co jumped 3.03 percent to 22.41 yuan.
The Shanghai Composite Index halted a week-long loss with a rise of1.52 percent to 2,554.02 points. Turnover was 63.2 billion yuan (US$9.9 billion), compared with yesterday's 65.5 billion yuan.
HSBC's preliminary reading of a survey on China's manufacturing activities in August showed the monthly Purchasing Managers' Index edged up to 49.8 from July's final reading of 49.3.
"This somewhat eased concerns that China's economy will continue to decline," said Zhou Xuesong, an analyst with Sealand Securities.
Strong rebounds among financials in the afternoon helped expand morning gains to see the biggest daily market increase since July 4.
Meanwhile, a rebound in the cement sector also helped pushed the market higher after the HSBC report.
Anhui Conch Cement Co jumped 3.03 percent to 22.41 yuan.
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