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Shanghai stocks rally amid signs of economic recovery
By Ye Zhen |
October 9, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks advanced this morning, sending the benchmark index to a three-week high, as the nation's economy is showing signs of recovery.
The key Shanghai Composite Index jumped 2.04 percent to 2,116.8 points. Turnover stood at 40.4 billion yuan (US$6.4 billion) by midday.
Concern over the nation's economic slowdown eased after the HSBC China Service Purchasing Managers Index rose to 54.3 in September form a year-low 52 in August, HSBC Holding Plc reported yesterday. The index measures non-manufacturing activity in the private and export-oriented sectors and a reading above 50 means growth.
"The domestic economic situation may have improved due to earlier easing measures and stronger consumer demand during the National Day Holiday," said Qu Hongbin, chief economist for China at HSBC.
Besides, both China's official PMI and HSBC PMI for manufacturing sector rebounded in September, adding sighs that the nation's economy is bottoming out and may pick up soon.
"The trend of economic downturn has started to change," said Zhang Liqun, a researcher at the Development Research Centre of the State Council. "China's economy will grow slightly as it has stabilized."
Financial stocks led the market up. CITIC Securities, the biggest listed brokerage, rose 3.1 percent to 11.85 yuan. Founder Securities Co climbed 5.9 percent to 4.50 yuan. Haitong Securities Co added 3.7 percent to 9.84 yuan.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, increased 1.6 percent to 3.81 yuan. China Construction Bank Corporation advanced 1.5 percent to 4.04 yuan. Bank of Communications rose 2.4 percent to 4.32 yuan.
The key Shanghai Composite Index jumped 2.04 percent to 2,116.8 points. Turnover stood at 40.4 billion yuan (US$6.4 billion) by midday.
Concern over the nation's economic slowdown eased after the HSBC China Service Purchasing Managers Index rose to 54.3 in September form a year-low 52 in August, HSBC Holding Plc reported yesterday. The index measures non-manufacturing activity in the private and export-oriented sectors and a reading above 50 means growth.
"The domestic economic situation may have improved due to earlier easing measures and stronger consumer demand during the National Day Holiday," said Qu Hongbin, chief economist for China at HSBC.
Besides, both China's official PMI and HSBC PMI for manufacturing sector rebounded in September, adding sighs that the nation's economy is bottoming out and may pick up soon.
"The trend of economic downturn has started to change," said Zhang Liqun, a researcher at the Development Research Centre of the State Council. "China's economy will grow slightly as it has stabilized."
Financial stocks led the market up. CITIC Securities, the biggest listed brokerage, rose 3.1 percent to 11.85 yuan. Founder Securities Co climbed 5.9 percent to 4.50 yuan. Haitong Securities Co added 3.7 percent to 9.84 yuan.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, increased 1.6 percent to 3.81 yuan. China Construction Bank Corporation advanced 1.5 percent to 4.04 yuan. Bank of Communications rose 2.4 percent to 4.32 yuan.
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