Shares rise on hopes of further easing
Print Edition
SHANGHAI stocks rose yesterday to finish above 4,400 points as another poor reading of Chinese manufacturing raised expectations for further stimulus.
The Shanghai Composite Index gained 0.36 percent to 4,414.51 points.
HSBC announced that its preliminary purchasing managers’ index of manufacturing activity in China slipped to a 12-month low in April, the latest data to show the world’s second-largest economy slowing.
The reading of 49.2 is down from the 49.6 seen in March and below the 50 break-even point that separates growth from expansion.
The preliminary PMI reading led shares higher on hopes the Chinese authorities will introduce more monetary easing measures.
Expectations for further loosening have seen Chinese mainland investors pile into equities, doubling the value of Shanghai over the past year and now helping Hong Kong’s Hang Seng Index to levels not seen since the end of 2007.
“I expect Chinese indices to continue their out-performance in the coming few months,” Stan Shamu, a markets strategist at IG Ltd in Melbourne, wrote to clients, according to Bloomberg News.
“The mass inflows into equities look like continuing almost unabated.”
Steel and nonferrous metal companies rose after the Ministry of Finance said the export tariffs of several bulk commodities will be reduced from May.
Maanshan Iron & Steel Co surged by the daily 10 percent limit to 6.24 yuan (US$1.01), as did Aluminum Corp of China and China Northern Rare Earth High-Tech Co to 9.55 yuan and 33.01 yuan respectively.
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