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Shanghai index climbs slightly to end week up 1.7%
By Ye Zhen |
June 1, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks inched up today as weak PMI data spurred speculation the central government may step up its efforts to combat an economic slowdown.
The benchmark Shanghai Composite Index rose 0.05 percent, or 1.2 points to close at 2,373.44 points. Turnover was 77.1 billion yuan (US$12.2 billion) at the trading close. The index gained 1.7 percent for the week.
The Purchasing Managers Index dropped to 50.4 in May, compared with 53.5 in April, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing. A reading of 50 or higher generally indicates manufacturing activity is expanding.
The next interest-cut may arrive this month due to the weaker-than-expected PMI, but it still depends on inflation in May, said Li Xunlei, chief economist at Haitong Securities Co.
HSBC's China Purchasing Managers Index fell to 48.4, compared with 49.3 in April, HSBC Holdings PLC announced today.
Brokerages advanced as a cut in brokerage fees for A-share transactions took effect today. Citic Securities, the biggest listed brokerage, rose 0.8 percent to 13.88 yuan. Founder Securities Co climbed 2 percent to 5.43 yuan. Haitong Securities Co added 1.7 percent to 10.63 yuan.
Property developers were mixed. China Vanke, the nation's biggest developer, lost 1.1 percent to close at 9.15 yuan. Poly Real Estate, the second largest developer, added 0.22 percent to 13.67 yuan.
Cement producers dropped as expectations for large-scale infrastructure construction cooled. Anhui Conch Cement Co, the biggest Chinese cement producer, dropped 3.3 percent to end at 17.32. Zhejiang Jianfeng Group Co fell 2.3 percent to 13.98 yuan.
The benchmark Shanghai Composite Index rose 0.05 percent, or 1.2 points to close at 2,373.44 points. Turnover was 77.1 billion yuan (US$12.2 billion) at the trading close. The index gained 1.7 percent for the week.
The Purchasing Managers Index dropped to 50.4 in May, compared with 53.5 in April, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing. A reading of 50 or higher generally indicates manufacturing activity is expanding.
The next interest-cut may arrive this month due to the weaker-than-expected PMI, but it still depends on inflation in May, said Li Xunlei, chief economist at Haitong Securities Co.
HSBC's China Purchasing Managers Index fell to 48.4, compared with 49.3 in April, HSBC Holdings PLC announced today.
Brokerages advanced as a cut in brokerage fees for A-share transactions took effect today. Citic Securities, the biggest listed brokerage, rose 0.8 percent to 13.88 yuan. Founder Securities Co climbed 2 percent to 5.43 yuan. Haitong Securities Co added 1.7 percent to 10.63 yuan.
Property developers were mixed. China Vanke, the nation's biggest developer, lost 1.1 percent to close at 9.15 yuan. Poly Real Estate, the second largest developer, added 0.22 percent to 13.67 yuan.
Cement producers dropped as expectations for large-scale infrastructure construction cooled. Anhui Conch Cement Co, the biggest Chinese cement producer, dropped 3.3 percent to end at 17.32. Zhejiang Jianfeng Group Co fell 2.3 percent to 13.98 yuan.
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