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Shanghai shares open higher after holiday
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SHANGHAI stocks traded higher this morning, the first trading session after the weeklong National Day holiday, as data showed China’s economy is on track to recovery.
The key Shanghai Composite Index rose 0.53 percent to 2,186.30 points. Turnover was 65.2 billion yuan (US$10.7 billion) by the noon break.
China's non-manufacturing purchasing managers' index, a gauge of business activities in service sectors, reached 55.4 percent in September from 53.9 percent in August, according to data released from the National Bureau of Statistics and the China Federation of Logistics and Purchasing during the holiday.
The data came after the official release of China's manufacturing PMI, which rose to a 17-month high of 51.1 percent in September, up from 51 percent in August.
“The data suggested continued improvement of economic condition,” said Zhu Haibin, chief China economist at JPMorgan Chase & Co, in a note today.
Property developers were the biggest gainers. Poly Real Estate, China’s second-largest developer, rose 3 percent to 10.18 yuan. Gemdale Corporation gained 2.3 percent to 6.16 yuan. Gree Real Estate Co jumped 9.8 percent to 8.37 yuan.
Oil stocks also advanced. Offshore Oil Engineering Co added 1.6 percent to 7.52 yuan. China Oilfield Services Ltd rose 2.8 percent to 18.24 yuan.
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