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Shanghai index climbs on expectation of better PMI
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SHANGHAI stocks advanced today amid optimism that new manufacturing data due out tomorrow will provide fresh evidence that a slowdown in the world’s second-largest economy has stabilized.
The benchmark Shanghai Composite Index rose 0.59 percent, or 11.92 points, to 2,048.33. Turnover was 80 billion yuan (US$12.9 billion) today. The index gained 0.47 percent this month.
The market was up on optimism that June’s official Purchasing Managers' Index to be released tomorrow will show a pick-up in industrial activity at large stated-owned enterprises as China’s economy regains momentum.
China Minzu Securities expected the June PMI to climb to 51, from 50.8 in May. A reading above 50 indicates an increase in activity.
“A loosening of monetary policy, a pick-up in infrastructure investment and faster fiscal spending combined to lift the official PMI,” said Zhu Qibing, analyst of the brokerage.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest indicator of the country’s industrial activity, rose unexpectedly to the highest in seven months.
Heavy manufacturers gained the most. Shaanxi Aerospace Power Hi-Tech jumped by 10 percent to 12.09 yuan. China Aerospace Times Electronics surged 8.2 percent to 11.78 yuan. China Shipbuilding Industry rose 1.5 percent to 4.82 yuan. China CSSC Holdings added 3 percent to 21.06 yuan.
New shares of Shanghai Lianming Machinery Co Ltd leapt by 44 percent, the maximum allowed for first-day trading, to 14.30 yuan on the Shanghai Stock Exchange today.
The first IPO on the exchange since February was 150 times oversubscribed after the company priced new shares at a level below the industrial average.
The surge of Lianming Machinery followed the strong performance of three IPOs on the Shenzhen market last week. Feitian Technologies, Wuxi Xuelang Environmental Technology and Shandong Longda Meat Foodstuff all surged by the daily limit of 10 percent today after jumping 44 percent on their first day of trading last Thursday.
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