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Shanghai shares up as China PMI hits 6-month high
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SHANGHAI stocks closed higher today after China posted strong manufacturing data for June. The benchmark Shanghai Composite Index gained 0.10 percent to 2,050.4. Daily turnover stood at 83.5 billion yuan (US$13.5 billion).
Information technology firms surged while financial and energy chips slumped today.
China’s official Purchasing Managers’ Index rose to 51 in June, the best reading so far this year, the National Bureau of Statistics said today.
A PMI reading of 50 or higher indicates the activity is expanding.
The June figure showed that the growth of China's manufacturing sector had stabilized, analysts said.
Cloud-computing and Internet TV shares led the surge today. Yonyou Software Co, China’s biggest enterprise software vendor, jumped by the 10 percent daily limit to 15.46 yuan. BGCTV, which operates cable TV business in Beijing, climbed 4.85 percent to 11.03 yuan.
China Petrochemical Corp (Sinopec), the country's biggest oil refiner, lost 3.23 percent to close at 5.10 yuan.
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