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Stocks gain as HSBC flash PMI points to expansion
By Ye Zhen |
March 21, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks gained for a third straight day as China's industrial activity gathered momentum and foreign investment in the country's securities markets increased.
The key Shanghai Composite Index added 0.3 percent to 2,324.24 points. Turnover was 104.8 billion yuan (US$16.9 billion) by the trading close.
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the country's economic condition, climbed to 51.7 in March, up from February's final figure of 50.4, HSBC Holdings PLC announced today.
The reading, which is slanted more towards private and export-oriented firms, beat market expectations of 50.9. A reading of 50 or higher indicates activity is expanding.
"The rebound of the flash PMI for March is backed by strong growth in new orders and production," said Qu Hongbin, HSBC's chief economist for China. "This implies the Chinese economy is on track for a gradual recovery."
China's foreign-exchange regulator granted quotas totaling US$3.4 billion to foreign institutions in the first two month this year, data from the State Administration of Foreign Exchange showed. The figure represented a year-on-year increase of 487 percent, indicating surging overseas appetite for Chinese securities as the country's economy recovers.
Environmental protection-related stocks leaped after the Beijing government released a plan to accelerate the construction of facilities for wastewater disposal and sewage recycling.
Beijing Capital Co, a company specializing in wastewater treatment, surged the daily limit of 10 percent to 7.82 yuan. Tianjin Capital Environmental Protection Group also jumped the daily limit of 10 percent to 10.30 yuan.
Water suppliers also gained. Chongqing Water Group Co rose 5.5 percent to 7.14 yuan. Shanghai Dazhong Public Utilities (Group) Co climbed 3 percent to 4.96 yuan. Jiangsu Jiangnan Water Co increased 2.6 percent to 14.37 yuan.
The key Shanghai Composite Index added 0.3 percent to 2,324.24 points. Turnover was 104.8 billion yuan (US$16.9 billion) by the trading close.
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the country's economic condition, climbed to 51.7 in March, up from February's final figure of 50.4, HSBC Holdings PLC announced today.
The reading, which is slanted more towards private and export-oriented firms, beat market expectations of 50.9. A reading of 50 or higher indicates activity is expanding.
"The rebound of the flash PMI for March is backed by strong growth in new orders and production," said Qu Hongbin, HSBC's chief economist for China. "This implies the Chinese economy is on track for a gradual recovery."
China's foreign-exchange regulator granted quotas totaling US$3.4 billion to foreign institutions in the first two month this year, data from the State Administration of Foreign Exchange showed. The figure represented a year-on-year increase of 487 percent, indicating surging overseas appetite for Chinese securities as the country's economy recovers.
Environmental protection-related stocks leaped after the Beijing government released a plan to accelerate the construction of facilities for wastewater disposal and sewage recycling.
Beijing Capital Co, a company specializing in wastewater treatment, surged the daily limit of 10 percent to 7.82 yuan. Tianjin Capital Environmental Protection Group also jumped the daily limit of 10 percent to 10.30 yuan.
Water suppliers also gained. Chongqing Water Group Co rose 5.5 percent to 7.14 yuan. Shanghai Dazhong Public Utilities (Group) Co climbed 3 percent to 4.96 yuan. Jiangsu Jiangnan Water Co increased 2.6 percent to 14.37 yuan.
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