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Shanghai stocks up today on encouraging data
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SHANGHAI stocks closed higher today, ending four days of declines as market sentiment was boosted by positive economic data.
The Shanghai Composite Index edged up 0.38 percent to close at 3,222.51 points. For the week, the gauge lost 1.44 percent.
China’s official Purchasing Managers’ Index (PMI), which measures the vitality at the manufacturing sector, came in at 51.8 in March, the highest in nearly five years, according to the data released by the National Bureau of Statistics today.
“Investors turned optimistic towards the stock market as the country’s macroeconomic performance remains positive,” said Xun Yugen, chief analyst at Haitong Securities
PMI data were kept above the level of 50, a line dividing expansion and contraction, for eight consecutive months, indicating that China's economy has been on the track of steady growth, said Zhang Liqun, analyst of China Federation of Logistics and Purchasing.
Banking, infrastructure and electricity shares are among the biggest gainers. Jiangsu Changshu Rural Commercial Bank Co surged by the daily limit of 10 percent to 12.86 yuan (US$1.87), Datang International Power Generation Co added 4.67 percent to 4.93 yuan and Hengtong Optic-electric Co rose 5.79 percent to 25.76 yuan.
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