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Shanghai market higher despite falling PMI
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Shanghai stocks extended gains this morning as funding costs fell to the lowest in more than a year, although data released over the weekend showed China’s manufacturing activity slowed to a seven-month low.
The benchmark Shanghai Composite Index rose 0.80 percent, or 16.45 points, to 2,072.76. Half-day turnover was 59.9 billion yuan (US$9.8 billion).
The index continued to rise four days in a row as the seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, dropped 70.80 basis points to 2.82 percent, the lowest since January 17, 2013, data from the National Interbank Funding Center showed.
The market was also supported by high hopes for reforms as the annual sessions of the National People's Congress and the Chinese People's Political Consultative Conference will open this afternoon.
HSBC’s China Purchasing Managers’ Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell in February to 48.5, compared with 49.5 in January, HSBC Holdings PLC announced on Saturday. A reading of 50 or higher indicates the activity is expanding.
The dismal reading added to the signs of a slowdown in the world’s second largest economy.
Oil stocks advanced. China Petroleum & Chemical Corp gained 1.9 percent to 5.47 yuan. Sinopec Shanghai Petrochemical Co Ltd jumped 7.5 percent to 4.02 yuan. PetroChina Co Ltd added 1.2 percent to 7.78 yuan.
Financial shares were weak. CITIC Securities, China’s biggest brokerage, lost 1.8 percent to 10.64 yuan. China Merchants Bank Co Ltd declined 1 percent to 9.83 yuan. Ping An Insurance (Group) Company of China Ltd decreased 1.5 percent to 37.94 yuan.
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