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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.
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