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Shanghai shares up 0.4%, led by liquor, metal producers
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SHANGHAI stocks gained this morning, boosted by distilleries and metal producers, as concerns over economic slowdown eased on improving manufacturing data.
The benchmark Shanghai Composite Index rose 0.40 percent, or 8.02 points, to 2,032.38. Half-day turnover was 31.2 billion yuan (US$5 billion).
“There are expectations that (China’s) economic slowdown may have stabilized as data showed the manufacturing sector expanded for the first time in six months,” said Haitong Securities.
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.
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.
Distilleries gained the most. Kweichow Moutai, a leading producer of high-end liquor in China, gained 3.6 percent to 162 yuan. Sichuan Swellfun, a Chengdu-based liquor maker, surged by the daily limit of 10 percent to 7.12 yuan.
Non-ferrous metal producers also advanced. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech rose 3.8 percent to 19.96 yuan. Rising Nonferrous Metals added 4.4 percent to 38.04 yuan.
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