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Shanghai index a tad higher, helped by gold stocks
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SHANGHAI stocks eked out a small gain today as gold producers surged in the afternoon, offsetting earlier losses caused by poor manufacturing data.
The key Shanghai Composite Index added 0.05 percent to settle at 2,027.35 after dropping nearly 0.9 percent earlier. Turnover was only 60.1 billion yuan (US$9.7 billion) today.
Gold stocks gained after spot gold price rose to a three-week high of US$1,308.5 per ounce as tensions escalated in Ukraine.
Yantai Yuancheng Gold Co Ltd surged 7.1 percent to 10.68 yuan. Chifeng Jilong Gold Mining Co Ltd rose 3.3 percent to 13.95 yuan.
The market declined earlier after data showed China’s manufacturing sector was still contracting in April. The HSBC Manufacturing Purchasing Managers’ Index, a gauge of industrial activity slanted more toward private and export-oriented enterprises, rose to 48.1 in April, up slightly from 48 in March, HSBC Holdings PLC said today.
The index has been stayed below 50, a mark that divides contraction from expansion, for four months in a row, as the manufacturing sector remained sluggish.
A separate manufacturing index released last week by the National Bureau of Statistics rose to 50.4 in April from 50.3 in March. The official index measures manufacturing activities at state-owned enterprises.
“The recovery was mainly due to seasonal factors. Mini stimulus rolled out recently by the central government helped to boost demand a little bit but are unlikely to turn the tide,” analysts at Shenyin & Wanguo Securities said.
Property developers declined after data from the Centaline Group showed new home sales in 54 monitored cities fell 47 percent during the Labor Day holiday from the same period last year.
Gemdale Corporation sank 2.8 percent to 8.05 yuan. Poly Real Estate Group Co Ltd dropped 3.4 percent to 7.38 yuan.
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