Shanghai shares eke out a small gain
By Ye Zhen |
October 25, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks inched up yesterday after a HSBC survey showed China's manufacturing activity improved for the second consecutive month even though it still pointed to a contraction.
The benchmark Shanghai Composite Index crept up 0.07 percent to 2,115.99 points.
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's real economy, rose to 49.1 in October, up from September's final reading of 47.9, HSBC Holdings Plc announced yesterday. The figure reached a three-month high, but it was still the 12th consecutive month of contraction.
The index is a gauge of manufacturing activity slanted toward private and export-oriented firms. A reading above 50 indicates expansion, and below 50 means contraction.
Power plant shares gained on speculation electricity consumption may rise as the economy picks up. Huaneng Power International gained 4.8 percent to 6.28 yuan (US$1.01).
The benchmark Shanghai Composite Index crept up 0.07 percent to 2,115.99 points.
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's real economy, rose to 49.1 in October, up from September's final reading of 47.9, HSBC Holdings Plc announced yesterday. The figure reached a three-month high, but it was still the 12th consecutive month of contraction.
The index is a gauge of manufacturing activity slanted toward private and export-oriented firms. A reading above 50 indicates expansion, and below 50 means contraction.
Power plant shares gained on speculation electricity consumption may rise as the economy picks up. Huaneng Power International gained 4.8 percent to 6.28 yuan (US$1.01).
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