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Shanghai index up 0.7% on upbeat March PMI
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SHANGHAI stocks rose today, snapping a four-day losing streak, after new data showed China’s manufacturing activity accelerated in March.
The key Shanghai Composite Index rose 0.70 percent, or 14.15 points, to 2,047.46. Daily turnover was weak at 64.5 billion yuan (US$10.6 billion).
The market was boosted by China’s official Purchasing Managers’ Index, a gauge of manufacturing activity slanted more towards state-owned firms, which rose to 50.3 in March, from 50.2 in February. A reading of 50 or above indicates expansion.
“Although the rebound had seasonal factors, the March PMI bucked a three-month declining trend and gave hope for a stable growth outlook,” said Zhang Liqun, an analyst with the State Council’s Development Research Center.
But the HSBC Purchasing Managers’ Index, which measures operating conditions at mostly private and export-oriented companies, fell to an eight-month low of 48 in March, down from 48.5 in February, HSBC Holdings PLC announced today.
Shenyin & Wanguo Securities said Federal Reserve Chair Janet Yellen’s comment that the US job market remains weak and will continue to need the help of low interest rates also eased Chinese investors’ concern about liquidity tightening.
Distilleries led the market up. Kweichow Moutai Co Ltd advanced 5 percent to 162.49 yuan. Shanxi Xinghuacun Fen Wine Factory Co Ltd gained 1.2 percent to 15.57 yuan.
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