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Shanghai stocks buoyed by PMI expectation
By Ye Zhen |
October 31, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks rose for a second day today on the hope that the October PMI data due tomorrow will indicate an expansion in China's manufacturing activity after two months in contraction.
The benchmark Shanghai Composite Index added 0.32 percent, or 6.53 points, to 2,068.88 points. The daily turnover was 43.2 billion yuan (US$6.9 billion).
Many analysts are optimistic that China's official Purchasing Managers Index for October, available tomorrow, is likely to climb over 50 after staying in the range of contraction for two months.
A Reuters survey based on the median of 14 forecasts showed that the nation's official PMI may rise to 50.3 in October. A reading of 50 demarcates expansion from contraction.
Railway-related stocks led the market up after news reports that the Ministry of Finance is planning to subsidize railway services. Jinxi Axle Co jumped by the daily limit of 10 percent to 12.71 yuan. China Railway Erju Co added 3.2 percent to 6.42 yuan. CSR Corp climbed 5.4 percent to 4.47 yuan.
Coal producers rose as the government is mulling a plan to lift control on thermal coal prices. Zhengzhou Coal Industry & Electric Power Co gained 4.1 percent to 7.58 yuan. Anyuan Coal Industry Group Co increased 4.5 percent to 14.06 yuan.
PetroChina Co, the nation's biggest oil producer, declined 0.7 percent to 8.68 yuan as its net earnings dropped 33.4 percent year on year to 24.9 billion yuan in the third quarter. Zhejiang Haiyue Co dropped 1.9 percent to 9.46 yuan. Shanghai Lonyer Fuels Co slumped 3.8 percent to 9.41 yuan.
The benchmark Shanghai Composite Index added 0.32 percent, or 6.53 points, to 2,068.88 points. The daily turnover was 43.2 billion yuan (US$6.9 billion).
Many analysts are optimistic that China's official Purchasing Managers Index for October, available tomorrow, is likely to climb over 50 after staying in the range of contraction for two months.
A Reuters survey based on the median of 14 forecasts showed that the nation's official PMI may rise to 50.3 in October. A reading of 50 demarcates expansion from contraction.
Railway-related stocks led the market up after news reports that the Ministry of Finance is planning to subsidize railway services. Jinxi Axle Co jumped by the daily limit of 10 percent to 12.71 yuan. China Railway Erju Co added 3.2 percent to 6.42 yuan. CSR Corp climbed 5.4 percent to 4.47 yuan.
Coal producers rose as the government is mulling a plan to lift control on thermal coal prices. Zhengzhou Coal Industry & Electric Power Co gained 4.1 percent to 7.58 yuan. Anyuan Coal Industry Group Co increased 4.5 percent to 14.06 yuan.
PetroChina Co, the nation's biggest oil producer, declined 0.7 percent to 8.68 yuan as its net earnings dropped 33.4 percent year on year to 24.9 billion yuan in the third quarter. Zhejiang Haiyue Co dropped 1.9 percent to 9.46 yuan. Shanghai Lonyer Fuels Co slumped 3.8 percent to 9.41 yuan.
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