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Stock trading mixed after HSBC unveils Flash PMI
By Ye Zhen |
October 24, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks swung between gains and losses after data showed China's manufacturing activity improved in October but remained in the territory of contraction.
The benchmark Shanghai Composite Index crept up 0.07 percent, or 1.54 points, to close at 2,115.99 points. Daily turnover was 49.7 billion yuan (US$7.9 billion).
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's real economy, rose to 49.1 in October, up from September's final reading of 47.9, HSBC Holdings Plc announced today.
The index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, is at a three-month high though China's industry has contracted for 12 months in a run.
A reading above 50 indicates expansion and below 50 means contraction.
"The PMI continued to improve in the second month partly because of new orders that rose to a six-month high and because of the filtering-through of earlier easing measures," said Qu Hongbin, HSBC's chief economist for China.
Power suppliers gained after data from the State Electricity Regulatory Commission showed China's electricity output increased in the first three weeks this month, a sign of economic recovery.
Guangdong Meiyan Hydropower Co jumped 10 percent to 2.86 yuan. Huaneng Power International gained 4.8 percent to 6.28 yuan. Huadian Power International Corp rose 6.1 percent to 3.64 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, led the decline of non-ferrous metals producers, losing 3 percent to 31.46 after the company announced to suspend production for one month to shore up rare earth prices.
Rising Nonferrous Metals Share Co lost 1.8 percent to 42.60 yuan. Xiamen Tungsten Co shed 1.8 percent to 36.10 yuan.
The benchmark Shanghai Composite Index crept up 0.07 percent, or 1.54 points, to close at 2,115.99 points. Daily turnover was 49.7 billion yuan (US$7.9 billion).
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's real economy, rose to 49.1 in October, up from September's final reading of 47.9, HSBC Holdings Plc announced today.
The index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, is at a three-month high though China's industry has contracted for 12 months in a run.
A reading above 50 indicates expansion and below 50 means contraction.
"The PMI continued to improve in the second month partly because of new orders that rose to a six-month high and because of the filtering-through of earlier easing measures," said Qu Hongbin, HSBC's chief economist for China.
Power suppliers gained after data from the State Electricity Regulatory Commission showed China's electricity output increased in the first three weeks this month, a sign of economic recovery.
Guangdong Meiyan Hydropower Co jumped 10 percent to 2.86 yuan. Huaneng Power International gained 4.8 percent to 6.28 yuan. Huadian Power International Corp rose 6.1 percent to 3.64 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, led the decline of non-ferrous metals producers, losing 3 percent to 31.46 after the company announced to suspend production for one month to shore up rare earth prices.
Rising Nonferrous Metals Share Co lost 1.8 percent to 42.60 yuan. Xiamen Tungsten Co shed 1.8 percent to 36.10 yuan.
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