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Shanghai index gains for 5th day on recovering service sector
By Ye Zhen |
August 5, 2013, Monday
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Online Edition
Online Edition
Shanghai shares rose for a fifth straight day as concern over economic slowdown dwindled after data released over the weekend pointed to a recovering service sector in July.
The benchmark Shanghai Composite Index rose 1.04 percent to close at 2,050.48 points.
“Policy uncertainty that had depressed market performance was eliminated after the politburo mid-year meeting last week stressed the need to stabilize economy while the State Council pledged to bolster demand,” the CITIC Securities said in a weekly report today.
“Meanwhile, rebounding Purchasing Managers’ Indexes indicated a mild resilience in economy and helped quell fear over economic downturn,” CITIC said.
China’s official non-manufacturing PMI, a gauge of business activity in the service sector, rose in July to 54.1 from 53.9 in June, the China Federation of Logistics and Purchasing reported on Saturday. A reading of 50 or higher indicates that activity is expanding.
The upbeat data came after figures released earlier indicating a surprising expansion in manufacturing activity.
A separate survey this morning showed the HSBC China Services PMI remained unchanged at 51.3 in July, with new orders recovering to a four-month high of 52.3.
Shipyards led the market gain after the State Council released a three-year plan to accelerate the upgrade of the shipbuilding industry.
China CSSC Holdings Ltd, the listed arm of shipbuilding conglomerate China State Shipbuilding Corp, surged 6.4 percent to 17.99 yuan (US$2.95). CSSC Jiangnan Heavy Industry Co leaped by the daily limit of 10 percent to 11.15 yuan. Guangzhou Shipyard International Co jumped 7.6 percent to 10.99 yuan.
Dairy producers gained after China halted imports of milk powder from Fonterra Cooperative Group Ltd following the discovery of bacteria that can cause botulism.
Inner Mongolia Yili Industrial Group Co rose 3.1 percent to 37.09 yuan. Beijing Sanyuan Foods Co advanced 4.8 percent to 6.62 yuan.
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