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Shanghai shares gain as industrial PMI rose in June
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SHANGHAI stocks ticked up this morning after data showed China’s manufacturing sector may have expanded in June for the first time in six months.
The key Shanghai Composite Index added 0.03 percent, or 0.68 points, to 2,027.35. Half-day turnover was 30.1 billion yuan (US$4.9 billion).
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest indicator of the country’s industrial activity, rose to 50.8 in June, up from the final reading of 49.4 in May, HSBC said this morning.
The reading is the highest in seven months and is beyond 50, a mark that separates contraction from expansion, for the first time in six months.
Media and technology companies gained the most. Jiangsu Phoenix Publishing & Media rose 2.8 percent to 8.94 yuan. ZheJiang Daily Media Group added 2.1 percent to 13.42 yuan.
Inspur Software climbed 1.9 percent to 23.15 yuan. Glarun Technology increased 3.4 percent to 47.58 yuan.
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