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Stocks gain on surprise flash PMI rise
By Ye Zhen |
July 24, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks edged up today after the HSBC Flash PMI showed the nation's manufacturing activity in July may pick up at the fastest pace in five months.
The key Shanghai Composite Index gained 0.24 percent to 2,146.59 points and turnover stood at 46.7 billion yuan (US$7.4 billion) by the trading close.
HSBC's Flash China Purchasing Managers' Index, a gauge slanted more towards private and export-oriented firms, climbed in July to 49.5, the highest in five months, compared with a final figure of 48.2 in June, HSBC Holdings PLC announced today.
A reading of 50 or higher generally indicates that activity is expanding.
"PMI in July rebounded to a five-month high, indicating that the monetary easing measures have started to take effect," said Qu Hongbin, chief economist for China at HSBC Holdings Plc.
Song Yu, a Goldman Sachs economist, said the rebound in HSBC PMI data sent a positive message that China's economy is likely to recover at a modest pace in the second half year. "Expanding exports and stronger domestic demands due to earlier easing measures have laid a foundation for economic improvement," Song said.
Property developers posted a strong run after Nanjing city was reported to provide loan support for first-home buyers and social housing. Poly Real Estate, China's second largest developer, rose 2.1 percent to 11.44 yuan. Zhejiang Dongri Limited Co surged the day limit of 10 percent to 12 yuan.
Insurers gained as the government allowed insurers to outsource management service to brokerages and fund management companies, which will help to improve investment returns.
China Life Insurance, the country's biggest insurer, rose 1.6 percent to 19.83 yuan. Ping An Insurance Co, China's second largest insurer, edged up 0.3 percent to 44.93 yuan. China Pacific Insurance (Group) Co gained 0.7 percent to 22.97 yuan.
The key Shanghai Composite Index gained 0.24 percent to 2,146.59 points and turnover stood at 46.7 billion yuan (US$7.4 billion) by the trading close.
HSBC's Flash China Purchasing Managers' Index, a gauge slanted more towards private and export-oriented firms, climbed in July to 49.5, the highest in five months, compared with a final figure of 48.2 in June, HSBC Holdings PLC announced today.
A reading of 50 or higher generally indicates that activity is expanding.
"PMI in July rebounded to a five-month high, indicating that the monetary easing measures have started to take effect," said Qu Hongbin, chief economist for China at HSBC Holdings Plc.
Song Yu, a Goldman Sachs economist, said the rebound in HSBC PMI data sent a positive message that China's economy is likely to recover at a modest pace in the second half year. "Expanding exports and stronger domestic demands due to earlier easing measures have laid a foundation for economic improvement," Song said.
Property developers posted a strong run after Nanjing city was reported to provide loan support for first-home buyers and social housing. Poly Real Estate, China's second largest developer, rose 2.1 percent to 11.44 yuan. Zhejiang Dongri Limited Co surged the day limit of 10 percent to 12 yuan.
Insurers gained as the government allowed insurers to outsource management service to brokerages and fund management companies, which will help to improve investment returns.
China Life Insurance, the country's biggest insurer, rose 1.6 percent to 19.83 yuan. Ping An Insurance Co, China's second largest insurer, edged up 0.3 percent to 44.93 yuan. China Pacific Insurance (Group) Co gained 0.7 percent to 22.97 yuan.
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