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Service PMI lifts Shanghai shares 0.14%
By Ye Zhen |
April 3, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning as data showed China's non-manufacturing sector expanded at a faster pace in March.
The key Shanghai Composite Index added 0.14 percent to 2,230.83 points. Turnover was 39 billion yuan (US$6.3 billion) by midday.
The China Services Purchasing Managers Index, a gauge of service sector activity, rose in March to 54.3 from 52.1 in February, according to a report released today by the National Bureau of Statistics and China Federation of Logistics and Purchasing.
A reading of 50 or higher indicates the activity is expanding.
A separate HSBC China services PMI, which is slanted more toward private and export-oriented companies, rose to a six-month high of 54.3 last month.
Pharmaceutical shares surged as confirmed H7N9 bird flu cases increased to seven. Sichuan Dikang Sci & Tech Pharmaceutical Industry Co jumped by the daily limit of 10 percent to 5.93 yuan. Shandong Lukang Pharmaceutical Co also leaped 10 percent to 5.43 yuan.
Lenders advanced after The Shanghai Securities News reported that Chinese banks may issue new loans exceeding 1 trillion yuan in March. China Merchants Bank rose 2 percent to 12.81 yuan. China Minsheng Banking Corp added 0.7 percent to 9.70 yuan. Shanghai Pudong Development Bank Co inched up 0.5 percent to 10.08 yuan.
The key Shanghai Composite Index added 0.14 percent to 2,230.83 points. Turnover was 39 billion yuan (US$6.3 billion) by midday.
The China Services Purchasing Managers Index, a gauge of service sector activity, rose in March to 54.3 from 52.1 in February, according to a report released today by the National Bureau of Statistics and China Federation of Logistics and Purchasing.
A reading of 50 or higher indicates the activity is expanding.
A separate HSBC China services PMI, which is slanted more toward private and export-oriented companies, rose to a six-month high of 54.3 last month.
Pharmaceutical shares surged as confirmed H7N9 bird flu cases increased to seven. Sichuan Dikang Sci & Tech Pharmaceutical Industry Co jumped by the daily limit of 10 percent to 5.93 yuan. Shandong Lukang Pharmaceutical Co also leaped 10 percent to 5.43 yuan.
Lenders advanced after The Shanghai Securities News reported that Chinese banks may issue new loans exceeding 1 trillion yuan in March. China Merchants Bank rose 2 percent to 12.81 yuan. China Minsheng Banking Corp added 0.7 percent to 9.70 yuan. Shanghai Pudong Development Bank Co inched up 0.5 percent to 10.08 yuan.
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