Related News
Shanghai index rises on improved production
By Feng Jianmin |
August 23, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose for first in six days after data showed China's manufacturing activities may improve in August.
The benchmark Shanghai Composite Index rose 0.56 percent to 2,530 points. Turnover was 32.7 billion yuan (US$ 5.1 billion).
HSBC's preliminary reading of a survey on China's manufacturing activities in August showed the monthly flash Purchasing Managers' Index edged up to 49.8 from July's final reading of 49.3.
While a reading below 50 indicates constraction, investor sentiment was encouraged by the improvement from last month.
"The data suggests that the hard landing risk is still remote. This provides leeway for the People's Bank of China to keep the current tightening measures in place," HSBC economist Qu Hongbin said in a note accompanying the preliminary PMI release.
Property developers led the gainers. China Vanke, China's largest listed property developer, rose 1.1 percent to 8.17 yuan. Poly Real Estate Co gained 2.6 percent to 10.87 yuan.
Banks were also strong. Industrial and Commercial Bank of China edged up 0.3 percent to 4.09 yuan. Bank of Communications grew 1.3 percent to 4.66 yuan.
The benchmark Shanghai Composite Index rose 0.56 percent to 2,530 points. Turnover was 32.7 billion yuan (US$ 5.1 billion).
HSBC's preliminary reading of a survey on China's manufacturing activities in August showed the monthly flash Purchasing Managers' Index edged up to 49.8 from July's final reading of 49.3.
While a reading below 50 indicates constraction, investor sentiment was encouraged by the improvement from last month.
"The data suggests that the hard landing risk is still remote. This provides leeway for the People's Bank of China to keep the current tightening measures in place," HSBC economist Qu Hongbin said in a note accompanying the preliminary PMI release.
Property developers led the gainers. China Vanke, China's largest listed property developer, rose 1.1 percent to 8.17 yuan. Poly Real Estate Co gained 2.6 percent to 10.87 yuan.
Banks were also strong. Industrial and Commercial Bank of China edged up 0.3 percent to 4.09 yuan. Bank of Communications grew 1.3 percent to 4.66 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
