Shares edge up amid uncertainty
Print Edition
SHANGHAI stocks ended slightly higher yesterday as investors stayed on the sidelines ahead of the release of key economic data and the Labor Day holiday that begins today.
The Shanghai Composite Index added 0.3 percent to 2,026.36 points.
The index fell 0.34 percent in April to register a second month of decline.
“Uncertainty over the resumption of initial public offerings and economic stimulus sapped market confidence and led investors to take a wait-and-see stance,” said Shenyin & Wanguo Securities.
China’s stock market is closed from today due to the Labor Day break. Trading will resume on Monday.
Investors also stayed on the sidelines as they await the release the official manufacturing purchasing managers’ index today and the non-manufacturing PMI on Saturday by the National Bureau of Statistics.
A Reuters survey showed the median forecast of 12 economists for China’s manufacturing PMI in April was 50.5, up from March’s 50.3.
Zhejiang Daily Media Group Co surged 8.2 percent to 26.01 yuan (US$4.16) after it reported a 227 percent jump in first-quarter earnings.
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