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Service industry boosts stocks in morning trading
By Ye Zhen |
July 3, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks advanced this morning as data showed the nation's service industry expanded at a faster pace in June.
The key index rose 0.63 percent to 2,240.23 points. Turnover stood at 33 billion yuan (US$5.2 billion) in the morning session.
China Service Purchasing Managers Index, a gauge of business activity in non-manufacturing sectors, rose to a three-month high of 56.7 in June from 55.2 in May, the China Federation of Logistics and Purchasing reported today. A reading of 50 or higher generally indicates that activity is expanding.
Oilfield service companies surged on speculation the government may accelerate deepwater drilling and exploration in the South China Sea. China Oilfield Services Limited climbed 2.5 percent to 17.51 yuan. Offshore Oil Engineering Co added 1.5 percent to 6.15 yuan.
Ship building related shares also gained in morning trading. Asian Star Anchor Chain Co, a manufacturer of anchor chains and offshore mooring chains, surged the daily limit of 10 percent to 8.57 yuan. China CSSC Holdings Limited rose 1.6 percent to 23.60 yuan. CSSC Jiangnan Heavy Industry Co, a provider of ship parts, added 0.9 percent to 18.20 yuan.
Property developers gained as the nation's real estate industry is showing signs of recovery. China Vanke, the nation's biggest developer, rose 2 percent to 9.16 yuan. Poly Real Estate, the nation's second largest developer, jumped 3.5 percent to 12.01 yuan. Gemdale Corporation grew 2.6 percent to 6.82 yuan.
New home prices in China's 100 major cities in June rose 0.05 percent from a month earlier to 8,688 yuan per square meter, snapping a nine-month losing streak, China Index Academy said in a report yesterday.
The key index rose 0.63 percent to 2,240.23 points. Turnover stood at 33 billion yuan (US$5.2 billion) in the morning session.
China Service Purchasing Managers Index, a gauge of business activity in non-manufacturing sectors, rose to a three-month high of 56.7 in June from 55.2 in May, the China Federation of Logistics and Purchasing reported today. A reading of 50 or higher generally indicates that activity is expanding.
Oilfield service companies surged on speculation the government may accelerate deepwater drilling and exploration in the South China Sea. China Oilfield Services Limited climbed 2.5 percent to 17.51 yuan. Offshore Oil Engineering Co added 1.5 percent to 6.15 yuan.
Ship building related shares also gained in morning trading. Asian Star Anchor Chain Co, a manufacturer of anchor chains and offshore mooring chains, surged the daily limit of 10 percent to 8.57 yuan. China CSSC Holdings Limited rose 1.6 percent to 23.60 yuan. CSSC Jiangnan Heavy Industry Co, a provider of ship parts, added 0.9 percent to 18.20 yuan.
Property developers gained as the nation's real estate industry is showing signs of recovery. China Vanke, the nation's biggest developer, rose 2 percent to 9.16 yuan. Poly Real Estate, the nation's second largest developer, jumped 3.5 percent to 12.01 yuan. Gemdale Corporation grew 2.6 percent to 6.82 yuan.
New home prices in China's 100 major cities in June rose 0.05 percent from a month earlier to 8,688 yuan per square meter, snapping a nine-month losing streak, China Index Academy said in a report yesterday.
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