Shares end higher on manufacturing data
Print Edition
SHANGHAI stocks ended higher yesterday after an indicator of factory activity rose unexpectedly in March.
The Shanghai Composite Index gained 1.66 percent to 3,810.29 points. The last time the index beat 3,800 points was on March 20, 2008.
The official Purchasing Managers’ Index rose to 50.1 from February’s 49.9, also higher than economists’ forecasts of 49.7. A reading above 50 points indicates growth in activity, while one below signals contraction.
The Chinese economy has slowed due to a downturn in its once hot property market and overcapacity in factory production. Nomura Securities expects growth in China’s gross domestic product to fall to 6.8 percent in 2015 amid an easing investment.
To boost economic activity, China has cut interest rates twice since November.
The brokerage expects more structural reforms to be unveiled this year, while those already announced are being implemented.
Aucma Co, Baoding Tianwei Baobian Electric Co and Jiangsu Jiangnan High Polymer Fiber Co rose by the daily 10 percent limit to 7.87 yuan (US$1.27), 12.61 yuan and 6.46 yuan.
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