Stocks rise above 2,100 early led by ag shares

By Zha Minjie | September 3, 2013, Tuesday |

Online Edition

Agricultural stocks continued their rise this morning, leading Shanghai shares above 2,100 points again, backed by encouraging Chinese economic data pointing to an expansion.

The benchmark Shanghai Composite Index gained 0.5 percent to 2,108.93 points. The turnover was 65.1 billion yuan by the midday break.

“Key reform in China has began,” said Standard Chartered in a report yesterday. “Anti-corruption moves, limits on government approval rights, the liberalizing of interest rates, all these could be viewed as the start of reform.”

Investors were encouraged by the rise in the HSBC Purchasing Managers’ Index, a comprehensive gauge of operating conditions at mostly private and export-oriented manufacturers. The index rose to 50.1 in August from 47.7 in July.

Even though China yesterday cut its target for economic growth for this year to 7.7 percent from 7.8 percent in an unexpected downgrade, brokerages estimated growth will remain stable in Q3 this year.

Heilongjiang Agriculture Co Ltd soared by the 10 percent daily limit to 9.02 yuan, following the bullish trend on Monday when it also jumped by the daily limit.

Finance

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Stocks rise above 2,100 early led by ag shares

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