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Shanghai shares advance on robust China PMI
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SHANGHAI stocks rallied in morning trading today, buoyed by upbeat data that showed China’s manufacturing sector may have expanded at the fastest pace in 18 months.
The key Shanghai Composite Index rose 0.84 percent, or 17.36 points, to 2,095.85. Turnover was 71.7 billion yuan (US$11.6 billion) by midday.
HSBC’s Flash China Purchasing Managers’ Index, the earliest indicator of China’s manufacturing activity in a month, reached 52 in July, compared with 50.7 in June, according to date released by HSBC Holdings PLC today.
A reading above 50 indicates the activity is expanding; a reading below 50 means it is contracting. The July reading was the highest since January 2013, thanks to a growth in output and new orders.
“Stimulus measures and recovering global economy helped the Chinese economy to pick up as seen in growing demands, recovering output and more willingness for expansion,” said Guan Qingyou, analyst of Minsheng Securities.
Also today, the People’s Bank of China refrained from drawing liquidity from the money market for a second time this week. That will lead to a net cash injection of 18 billion yuan (US$2.9 billion) this week.
Brokerages gained among financial shares after data showed the gross profit of Chinese securities firms increased 32.2 percent year-on-year in the first half this year.
CITIC Securities, China’s biggest broker, rose 2.6 percent to 12.43 yuan. Sinolink Securities jumped 5.8 percent to 21.50 yuan. Haitong Securities climbed 2.5 percent to 9.57 yuan.
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