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Shanghai shares up 0.47% on stimulus expectations
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SHANGHAI stocks inched up this morning as technology and infrastructure-related companies gained. The key Shanghai Composite Index rose 0.47 percent to 2,036.83. Turnover was 30.9 billion yuan (US$5 billion) by midday.
“There is hope that the government will continue to roll out mini stimulus after the latest statistics showed China’s economy remained sluggish,” said Shenyin & Wanguo Securities.
Data from HSBC Holdings PLC showed China’s manufacturing sector was still contracting in April. The HSBC Manufacturing Purchasing Managers’ Index, a gauge of industrial activities at private and export-oriented enterprises, reached 48.1 in April, up slightly from 48 in March.
Technology shares gained. Yonyou Software Co Ltd increased 4 percent to 13.40 yuan. Beijing Zhongchuang Telecom Test Co Ltd added 3.8 percent to 16.49 yuan.
Train makers and steelmakers also advanced after Premier Li Keqiang said yesterday that China is ready to “actively take part in” Africa’s infrastructure development.
CSR Corp Ltd rose 1.6 percent to 4.40 yuan. China CNR Corp Ltd climbed 1.5 percent to 4.66 yuan. Inner Mongolia BaoTou Steel Union Co Ltd jumped 6.9 percent to 3.89 yuan.
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