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Stocks rally as industrial activity picks up
By Ye Zhen |
October 24, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks advanced in morning trading after data showed China's manufacturing activity rebounded to a three-month high as new orders increased in October.
The benchmark Shanghai Composite Index rose 0.35 percent, or 7.30 points, to 2,121.75 points. Turnovers stood at 25.6 billion yuan (US$4.1 billion) by midday.
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's real economy, climbed this month to a three-month high of 49.1, up from September's final reading of 47.9, HSBC Holdings PLC announced today.
The index is a gauge of manufacturing activity slanted more towards private and export-oriented firms. A reading above 50 indicates expansion and below 50 means contraction.
The new order sub-index recovered to 49.7, the highest in six months while the output sub-index rose to a three-month high of 48.4.
Cement producers climbed on rising prices due to high demands in the peak season. Shaanxi Qinling Cement (Group) Co surged by the daily limit of 10 percent to 4.46 yuan. Anhui Conch Cement Co, China's biggest cement producer, added 1.8 percent to 16.54 yuan. Huaxin Cement Co increased 3.4 percent to 12.95 yuan.
Power plants rose 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 3.3 percent to 6.19 yuan.
The benchmark Shanghai Composite Index rose 0.35 percent, or 7.30 points, to 2,121.75 points. Turnovers stood at 25.6 billion yuan (US$4.1 billion) by midday.
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's real economy, climbed this month to a three-month high of 49.1, up from September's final reading of 47.9, HSBC Holdings PLC announced today.
The index is a gauge of manufacturing activity slanted more towards private and export-oriented firms. A reading above 50 indicates expansion and below 50 means contraction.
The new order sub-index recovered to 49.7, the highest in six months while the output sub-index rose to a three-month high of 48.4.
Cement producers climbed on rising prices due to high demands in the peak season. Shaanxi Qinling Cement (Group) Co surged by the daily limit of 10 percent to 4.46 yuan. Anhui Conch Cement Co, China's biggest cement producer, added 1.8 percent to 16.54 yuan. Huaxin Cement Co increased 3.4 percent to 12.95 yuan.
Power plants rose 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 3.3 percent to 6.19 yuan.
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