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Shanghai Composite gains on upbeat data

By Ye Zhen | August 26, 2013, Monday | Online Edition

Shanghai stocks advanced in early trading as statistics released last week pointed to resilience in the world’s second largest economy.

The benchmark Shanghai Composite Index rose 1.4 percent to 2,086.49 points. Half-day turnover was 53.4 billion yuan (US$8.8 billion).

“China’s economy has shown clear signs of stabilization and positive changes and external conditions have also improved,” said Sheng Laiyun, spokesman with the National Bureau of Statistics, this morning.

China is capable of meeting its growth target of 7.5 percent this year, Sheng said.

The data indicated that China’s manufacturing sector may have rebounded to a four-month high in August and its Purchasing Managers’ Index has returned to expansionary territory after contracting for three consecutive months.

Trading and logistics firms led the market up after the central government last week approved the trial operation of the Shanghai Free Trade Zone.

Shanghai Material Trading Co surged by the daily limit of 10 percent to 9.91 yuan. Orient International Enterprise also leapt 10 percent to 8.87 yuan. Shanghai International Airport Co soared 9 percent to 14.60 yuan. Shanghai International Port (Group) Co jumped 10 percent to 3.09 yuan.

Brokerages also gained after the Shanghai Stock Exchange yesterday said it may consider allowing day trading to mitigate risks caused by erroneous trading.

Chinese investors cannot sell stocks bought on the same day and have to wait until the next trading day.

Haitong Securities gained 4.8 percent to 11 yuan. CITIC Securities, China’s biggest listed brokerage, rose 3.7 percent to 10.90 yuan. Everbright Securities added 1.6 percent to 10 yuan.

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