Stocks extend surge amid investor optimism
Print Edition
SHANGHAI stocks yesterday traded higher for the 10th straight day, amid hopes of policy stimulus in times of weaker manufacturing growth.
The Shanghai Composite Index edged up 0.1 percent to 3,691.41 points.
China’s factory activity fell to an 11-month low in March after new orders decreased, as the HSBC flash purchasing managers’ index fell to 49.2, down from February’s figure of 50.7.
Minsheng Securities said that even though March usually is busier for industrial activity after the Spring Festival holiday, the HSBC PMI signals even bigger pressures for China’s economy. There is therefore expectation that the government will announce new measures to attract investments, especially in the field of basic construction.
Road builders soared. Henan Zhongyuan Expressway Co surged the daily 10 percent limit to 5.90 yuan (95 US cents), Shandong Hi-speed Co jumped 6.47 percent to 6.91 yuan, and Jilin Expressway Co rose 6.33 percent to 4.70 yuan.
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