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Shares post small gain in morning session
By Ye Zhen |
July 2, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI shares edged up this morning after data showed the nation's manufacturing sector continued to slowdown, albeit at a moderate pace.
The Shanghai Composite Index added 0.05 percent to 2,226.56 points in the morning session. Turnover stood at 34 billion yuan (US$5.4 billion).
HSBC's China Purchasing Managers Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell in June to 48.2 from 48.4 in May, HSBC Holdings PLC announced today.
Any reading above 50 indicates expansion. The index has been below 50 for eight consecutive months.
China's official Purchasing Managers Index dropped to 50.2 in June, the lowest level in seven months, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said yesterday.
"With strengthening domestic demand, manufacturing activity is showing signs of recovery, which indicates easing policies are having an effect," UBS Securities said in a report today.
Wineries and distillers led the market gains in Shanghai. Sichuan Swellfun Co surged the daily limit of 10 percent to 26.70 yuan. Anhui Golden Seed Winery Co jumped 7.3 percent to 26.80 yuan. Kweichow Moutai Co climbed 2.2 percent to 244.38 yuan.
Most lenders started the weak on a down note. Industrial and Commercial Bank of China Ltd, the nation's largest lender, lost 0.8 percent to 3.92 yuan. China Construction Bank Corporation fell 0.5 percent to 4.18 yuan. Agricultural Bank of China shed 0.8 percent to 2.57 yuan.
The Shanghai Composite Index added 0.05 percent to 2,226.56 points in the morning session. Turnover stood at 34 billion yuan (US$5.4 billion).
HSBC's China Purchasing Managers Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell in June to 48.2 from 48.4 in May, HSBC Holdings PLC announced today.
Any reading above 50 indicates expansion. The index has been below 50 for eight consecutive months.
China's official Purchasing Managers Index dropped to 50.2 in June, the lowest level in seven months, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said yesterday.
"With strengthening domestic demand, manufacturing activity is showing signs of recovery, which indicates easing policies are having an effect," UBS Securities said in a report today.
Wineries and distillers led the market gains in Shanghai. Sichuan Swellfun Co surged the daily limit of 10 percent to 26.70 yuan. Anhui Golden Seed Winery Co jumped 7.3 percent to 26.80 yuan. Kweichow Moutai Co climbed 2.2 percent to 244.38 yuan.
Most lenders started the weak on a down note. Industrial and Commercial Bank of China Ltd, the nation's largest lender, lost 0.8 percent to 3.92 yuan. China Construction Bank Corporation fell 0.5 percent to 4.18 yuan. Agricultural Bank of China shed 0.8 percent to 2.57 yuan.
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