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Shares rise on financial counters and PMI data
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SHANGHAI stocks edged up yesterday, lifted by financial shares and also on hopes for sustainable economic growth as the Caixin China General PMI hit a six-month high.
The Shanghai Composite Index rose by 0.14 percent to close at 3,384.32 points.
Caixin China's Purchasing Managers' Index grew 0.5 percent to a six-month high of 52.4 points — an indication of a stable upward trend for the economy.
“Judging from the fundamentals, the overall economic growth is robust at present, with the rise being better than expected and the liquidity environment improved,” China International Capital Corporation Limited wrote in a note.
The Agricultural Bank of China Ltd rose 2.67 percent to 3.85 yuan, and China Construction Bank added 2.62 percent to 7.06 yuan. China Pacific Insurance Group Co Ltd rose 4.67 percent to 39.65 yuan and Ping An Insurance Group Co of China Ltd gained 2.07 percent to 56.29 yuan.
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