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Shanghai gauge up on stronger manufacturing data
By Feng Jianmin |
April 1, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly higher after the morning session as statistics showed a rebound in manufacturing growth.
The Shanghai Composite Index edged up 0.24 percent to 2,935.28. Turnover shrank to 61.4 billion yuan (US$9.36 billion) from yesterday morning's 74.4 billion yuan.
China's official Purchase Managers Index, a measure for industrial expansion, rose to 53.4 percent from last month's 52.2 percent, according to China Federation of Logistics & Purchasing.
It was the first increase in four months, but analysts said that the increase was due to seasonal reasons and the economic growth has been slowing down under tightening policies.
"We've seen a decrease in domestic needs," China International Capital Corp wrote in a report. "Cost for materials was down a bit, but inflation pressure remained high."
The company expected inflation will climb to 5 percent in March, and China will raise interest rates in April.
Banks led the gainers on speculation that higher lending rates will boost their earnings. Market watchers said that banks took up 20 percent of the market value, but contributed 40 percent of total profits by mainland-listed companies last year.
Industrial and Commercial Bank of China added 0.5 percent to 4.49 yuan. China Merchants Bank rose 1.4 percent to 14.28 yuan.
The Shanghai Composite Index edged up 0.24 percent to 2,935.28. Turnover shrank to 61.4 billion yuan (US$9.36 billion) from yesterday morning's 74.4 billion yuan.
China's official Purchase Managers Index, a measure for industrial expansion, rose to 53.4 percent from last month's 52.2 percent, according to China Federation of Logistics & Purchasing.
It was the first increase in four months, but analysts said that the increase was due to seasonal reasons and the economic growth has been slowing down under tightening policies.
"We've seen a decrease in domestic needs," China International Capital Corp wrote in a report. "Cost for materials was down a bit, but inflation pressure remained high."
The company expected inflation will climb to 5 percent in March, and China will raise interest rates in April.
Banks led the gainers on speculation that higher lending rates will boost their earnings. Market watchers said that banks took up 20 percent of the market value, but contributed 40 percent of total profits by mainland-listed companies last year.
Industrial and Commercial Bank of China added 0.5 percent to 4.49 yuan. China Merchants Bank rose 1.4 percent to 14.28 yuan.
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