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Rise in manufacturing activity boosts stocks
By Ye Zhen |
February 1, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks gained for a fifth straight day after data showed China's manufacturing activity gathered steam in January.
The Shanghai Composite Index advanced 1.4 percent to settle at 2,419.02 points with 125.6 billion yuan (US$20.3 billion) worth of shares trading hands today. The index gained 5.6 percent this week.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, climbed in January to a two-year high of 52.3, up from 51.5 in December, HSBC Holdings PLC announced today. A reading above 50 indicates activity is expanding.
"We see increasing signals of a sustained growth recovery in coming months," said Qu Hongbin, chief economist for China at HSBC. "The steady investment growth led by infrastructure projects, improving labor market conditions, rising consumer spending, and the ongoing re-stocking process lifted production."
Meanwhile, China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards state-owned enterprises, eased to 50.4 in January, weaker than December's reading of 50.6, according to the China Federation of Logistics and Purchasing.
The January PMI fell for the first time in six months and was lower than market expectations of 50.9.
But economists still retained a positive outlook for the economy.
"The figure fell slightly, but remained in an expansionary territory, heralding a stable start for the economy this year," Bank of Communications chief economist Lian Ping said. "The rising raw material stock index indicated factories have begun re-stocking as domestic demand is warming up."
Brokerages gained among financials stocks today. Citic Securities, the biggest listed brokerage, rose 3.7 percent to 15.74 yuan. Founder Securities Co surged the daily limit of 10 percent to 6.37 yuan. Haitong Securities Co jumped 5.4 percent to close at 12.54.
The Shanghai Composite Index advanced 1.4 percent to settle at 2,419.02 points with 125.6 billion yuan (US$20.3 billion) worth of shares trading hands today. The index gained 5.6 percent this week.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, climbed in January to a two-year high of 52.3, up from 51.5 in December, HSBC Holdings PLC announced today. A reading above 50 indicates activity is expanding.
"We see increasing signals of a sustained growth recovery in coming months," said Qu Hongbin, chief economist for China at HSBC. "The steady investment growth led by infrastructure projects, improving labor market conditions, rising consumer spending, and the ongoing re-stocking process lifted production."
Meanwhile, China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards state-owned enterprises, eased to 50.4 in January, weaker than December's reading of 50.6, according to the China Federation of Logistics and Purchasing.
The January PMI fell for the first time in six months and was lower than market expectations of 50.9.
But economists still retained a positive outlook for the economy.
"The figure fell slightly, but remained in an expansionary territory, heralding a stable start for the economy this year," Bank of Communications chief economist Lian Ping said. "The rising raw material stock index indicated factories have begun re-stocking as domestic demand is warming up."
Brokerages gained among financials stocks today. Citic Securities, the biggest listed brokerage, rose 3.7 percent to 15.74 yuan. Founder Securities Co surged the daily limit of 10 percent to 6.37 yuan. Haitong Securities Co jumped 5.4 percent to close at 12.54.
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