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Shanghai shares gain on rising PMI in October
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Shanghai stocks closed higher today, boosted by news that China’s manufacturing index hit an 18-month high in October.
The benchmark Shanghai Composite Index rose 0.37 percent, or 7.95 points, to 2,149.56. Daily turnover was 76.3 billion yuan (US$12.5 billion). The index gained 0.78 percent this week.
China’s official Purchasing Managers’ Index, a gauge of manufacturing activity slanted more towards state-owned firms, advanced to 51.4 in October, up from 51.1 in September, the National Bureau of Statistics said today.
A reading of 50 or higher indicates the activity is expanding.
“The October PMI reading was the highest since April 2012, suggesting the economic growth remained strong in October, following the impressive rebound in the third quarter,” said Zhu Haibin, chief China economist at JPMorgan Chase & Co.
Metal manufacturers advanced. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co increased 4.8 percent to 26.40 yuan. Rising Nonferrous Metals Share Co climbed 5.9 percent to 43.29 yuan. Xiamen Tungsten Co added 3 percent to 28.18 yuan.
Lenders were helped by a fall of the benchmark seven-day repurchase rate, a gauge of funding availability, by 38.3 basis points to 4.6 percent today, the lowest level since October 23.
Shanghai Pudong Development Bank Co added 0.9 percent to 10.42 yuan. China Minsheng Banking Corp rose 2.3 percent to 9.17 yuan. Industrial Bank Co grew 1.4 percent to 11.92 yuan.
Small-cap electronic companies and home appliance manufacturers declined as data from the statistic bureau showed the PMI for small enterprises contracted to 48.5 last month, down 0.3 percentage points from September.
“It seems that the recovery is mainly seen at large and midsize companies, while small enterprises are still facing a challenging business environment,” said Zhu.
Tianjin Benefo Tejing Electric Co lost 0.6 percent to 9.96 yuan. Sichuan Changhong Electric Co fell 4.3 percent to 2.64 yuan. Hefei Rongshida Sanyo Electric Co slid 3.1 percent to 11.34 yuan.
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