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Shanghai index rises on PMI forecast
By Ye Zhen |
March 21, 2013, Thursday
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Online Edition
Online Edition
SHANGHAI stocks advanced this morning as data showed China's industrial activity is gathering pace. The key Shanghai Composite Index added 0.4 percent to 2,326.71 points. Turnover was 60.2 billion yuan (US$9.7 billion) by midday.
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the country's economic condition, climbed in March to 51.7, compared with the final figure of 50.4 in February, HSBC Holdings PLC announced today.
The reading was the highest in two months and beat the market expectation of 50.9.
The HSBC index is slanted more towards private and export-oriented firms. A reading of 50 or higher indicates that activity is expanding.
"The rebound of March PMI flash reading is backed by strong growth in new orders and production," Qu Hongbin, HSBC's chief economist for China. "This implies that the Chinese economy is on track for gradual recovery."
Environmental protection-related stocks leaped. Beijing Capital Co, a company specializing in wastewater treatment, surged by the daily limit of 10 percent to 7.82 yuan. Tianjin Capital Environmental Protection Group also jumped by the daily limit of 10 percent to 10.30 yuan.
Water and power suppliers also gained. Chongqing Water Group Co rose 6.1 percent to 7.18 yuan. Shanghai Dazhong Public Utilities (Group) Co climbed 4.2 percent to 5.02 yuan. Jiangsu Jiangnan Water Co increased 3.7 percent to 14.53 yuan.
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the country's economic condition, climbed in March to 51.7, compared with the final figure of 50.4 in February, HSBC Holdings PLC announced today.
The reading was the highest in two months and beat the market expectation of 50.9.
The HSBC index is slanted more towards private and export-oriented firms. A reading of 50 or higher indicates that activity is expanding.
"The rebound of March PMI flash reading is backed by strong growth in new orders and production," Qu Hongbin, HSBC's chief economist for China. "This implies that the Chinese economy is on track for gradual recovery."
Environmental protection-related stocks leaped. Beijing Capital Co, a company specializing in wastewater treatment, surged by the daily limit of 10 percent to 7.82 yuan. Tianjin Capital Environmental Protection Group also jumped by the daily limit of 10 percent to 10.30 yuan.
Water and power suppliers also gained. Chongqing Water Group Co rose 6.1 percent to 7.18 yuan. Shanghai Dazhong Public Utilities (Group) Co climbed 4.2 percent to 5.02 yuan. Jiangsu Jiangnan Water Co increased 3.7 percent to 14.53 yuan.
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