Shares recover on rise in factory activity
Print Edition
SHANGHAI stocks rebounded strongly yesterday after data showed that China’s major factory activity rose in May.
The Shanghai Composite Index surged 4.71 percent to 4,828.74 points.
Activity in some of China’s big factories rose slightly in May, in line with expectations.
China’s official Purchasing Managers’ Index rose 50.2 in May from 50.1 in April — its highest since November. A reading above 50 indicates expansion.
The official PMI reading spurred a rally in shares despite a separate private PMI survey from HSBC/Markit indicating contraction.
The HSBC/Markit PMI, which focuses on small and medium-sized factories, stood at 49.2 in May, the third straight month of contraction. The PMI also revealed that export orders fell at the fastest rate for nearly two years.
Also giving the market a boost were vaccine producers as concerns mounted over the Middle East Respiratory Syndrome.
Kangmei Pharmaceutical Co, North China Pharmaceutical Co and Zhejiang Hisun Pharmaceutical Co all surged by the daily 10 percent limit to 44.50 yuan (US$7.18), 11.54 yuan and 26.95 yuan respectively.
The signing of a free trade agreement by China and South Korea yesterday also boosted port firms along the Bohai Bay.
Dalian Port Co, Yingkou Port Liability Co and Bohai Ferry Co all surged by the daily 10 percent limit to 9.68 yuan, 7.10 yuan and 18.13 yuan respectively.
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