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November 2, 2016

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Shares rise as PMI data surprise

SHANGHAI shares rose yesterday for the first time in five trading days as investor sentiment was buoyed by China’s surprisingly better manufacturing data in October.

The Shanghai Composite Index added 0.71 percent to 3,122.44 points.

Investors welcomed the official Purchasing Managers’ Index. The PMI came in at 51.2 in October, according to an official survey, posting its best reading in over two years. September’s index stood at 50.4.

Property developer Langfang Development surged by the 10 percent daily limit to 31.10 yuan (US$4.59) on news that its shareholder Evergrande Group had further raised its stake.

Guangzhou Automobile Group added 3.35 percent to 23.11 yuan after it unveiled a 15 million yuan funding for projects on new-energy vehicles.


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