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Shanghai shares up on rosy August PMI
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Shanghai stocks gained this morning after data showed China’s manufacturing activity may have rebounded to a four-month high.
The benchmark Shanghai Composite Index rose 0.09 percent to 2,074.78 points. Turnover was 41.7 billion yuan (US$6.8 billion) by midday.
HSBC’s Flash China Purchasing Managers’ Index, the earliest indicator of manufacturing activity at private and export-oriented firms, reached 50.1 this month, compared with the final figure of 47.7 in July, HSBC Holdings PLC announced today.
A reading of 50 or higher means the activity is expanding.
“The sharp rebound of the Flash China PMI shows that the economy has stabilized in the short term and the downside pressure in the second half of the year has diminished,” said Zhang Zhiwei, chief China economist at Nomura Securities in Hong Kong.
Technology, media and telecommunications companies advanced. People.cn Co Ltd, the online portal of The People's Daily, surged by the daily limit of 10 percent to 59.57 yuan after reporting a 55 percent surge in first-half net profit.
Zhejiang Daily Media Group jumped 6.2 percent to 30.19 yuan after People.cn said it bought shares of Zhejiang Daily Media Group through a private placement. The two will seek further cooperation in the future.
Tsinghua Tongfang Co rose 4.7 percent to 9.09 yuan. Shandong Inspur Software Co jumped 10 percent to 13.51 yuan. Founder Technology Group Corp also soared 10 percent to 3.03 yuan.
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