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Shanghai shares surge on upbeat industry data
By Ye Zhen |
December 14, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks surged this morning as data showed China's manufacturing sector is expanding at the fastest pace in 14 months in December.
The key Shanghai Composite Index advanced 2.9 percent or 59.36 points to 2,120.84 points. Turnover reached 57 billion yuan (US$9.2 billion) by midday.
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's manufacturing activity at private and export-oriented firms, climbed for the fifth straight month to a 14-month high of 50.9 in December, up from November's 50.5, HSBC Holdings Plc announced today.
A reading of above 50 indicates the activity is expanding.
"The data shows China's economic growth momentum is continuing, mainly bolstered by a recovering domestic demand while the external environment remains weak," said Qu Hongbin, HSBC's chief economist for China.
Meanwhile, data from the National Energy Administration showed electricity consumption in China rose 7.6 percent year-on-year to 413.9 billion kilowatt-hours in November, up from October's increase of 6.1 percent, reflecting the nation's economy is gathering pace.
Financial stocks were the biggest gainers. ICBC Ltd, the nation's largest lender, rose 3 percent to 4.07 yuan. China Minsheng Banking Corp advanced 4.6 percent to 7.21 yuan. China Merchants Bank added 4 percent to 11.32 yuan.
Cement producers also rose on hopes that accelerated infrastructure investment will fuel demand. Anhui Conch Cement Co, China's biggest cement producer, rose 3.2 percent to 18.49 yuan. Gansu Qilianshan Cement jumped 5.2 percent to 10.14 yuan. Shaanxi Qinling Cement Co surged by the daily limit of 10-percent to 5.87 yuan.
The key Shanghai Composite Index advanced 2.9 percent or 59.36 points to 2,120.84 points. Turnover reached 57 billion yuan (US$9.2 billion) by midday.
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's manufacturing activity at private and export-oriented firms, climbed for the fifth straight month to a 14-month high of 50.9 in December, up from November's 50.5, HSBC Holdings Plc announced today.
A reading of above 50 indicates the activity is expanding.
"The data shows China's economic growth momentum is continuing, mainly bolstered by a recovering domestic demand while the external environment remains weak," said Qu Hongbin, HSBC's chief economist for China.
Meanwhile, data from the National Energy Administration showed electricity consumption in China rose 7.6 percent year-on-year to 413.9 billion kilowatt-hours in November, up from October's increase of 6.1 percent, reflecting the nation's economy is gathering pace.
Financial stocks were the biggest gainers. ICBC Ltd, the nation's largest lender, rose 3 percent to 4.07 yuan. China Minsheng Banking Corp advanced 4.6 percent to 7.21 yuan. China Merchants Bank added 4 percent to 11.32 yuan.
Cement producers also rose on hopes that accelerated infrastructure investment will fuel demand. Anhui Conch Cement Co, China's biggest cement producer, rose 3.2 percent to 18.49 yuan. Gansu Qilianshan Cement jumped 5.2 percent to 10.14 yuan. Shaanxi Qinling Cement Co surged by the daily limit of 10-percent to 5.87 yuan.
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