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Stocks rise at midday despite weak PMI data
By Ye Zhen |
June 1, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rose this morning despite data showing the manufacturing sector expanded less than forecast in May.
The benchmark Shanghai Composite Index gained 0.4 percent, or 10.06 points to 2,382.29 points. Turnover stood at 43.2 billion yuan (US$6.9 billion) in the morning session.
The Purchasing Managers Index dropped to 50.4 in May, compared with 53.5 in April, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
The reading is less than the 51.5 forecast in a poll of 10 economists. A reading of 50 or higher generally indicates manufacturing activity is expanding.
HSBC's China Purchasing Managers Index fell to 48.4, compared with 49.3 in April, HSBC Holdings PLC announced today.
Brokerages and lenders both advanced on speculation the government may ease monetary measures to tackle the economic slowdown. Citic Securities, the biggest listed brokerage, rose 1.5 percent to 13.98 yuan. Founder Securities Co climbed 4 percent to 5.43 yuan. Haitong Securities Co added 3 percent to 10.76 yuan.
Industrial and Commercial Bank of China Ltd, the nation's largest lender, edged up 0.2 percent to 4.23 yuan. China Merchants Bank Co rose 0.3 percent to 11.69 yuan. Agricultural Bank of China gained 1.1 percent to 2.67 yuan.
Non-ferrous metals producers also gained. Inner Mongolia Baotou Steel Rare Earth (Group) Hi-tech Co jumped 3.2 percent to 45.60 yuan. Rising Nonferrous Metals Share Co surged 5.2 percent to 78.15 yuan.
The benchmark Shanghai Composite Index gained 0.4 percent, or 10.06 points to 2,382.29 points. Turnover stood at 43.2 billion yuan (US$6.9 billion) in the morning session.
The Purchasing Managers Index dropped to 50.4 in May, compared with 53.5 in April, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
The reading is less than the 51.5 forecast in a poll of 10 economists. A reading of 50 or higher generally indicates manufacturing activity is expanding.
HSBC's China Purchasing Managers Index fell to 48.4, compared with 49.3 in April, HSBC Holdings PLC announced today.
Brokerages and lenders both advanced on speculation the government may ease monetary measures to tackle the economic slowdown. Citic Securities, the biggest listed brokerage, rose 1.5 percent to 13.98 yuan. Founder Securities Co climbed 4 percent to 5.43 yuan. Haitong Securities Co added 3 percent to 10.76 yuan.
Industrial and Commercial Bank of China Ltd, the nation's largest lender, edged up 0.2 percent to 4.23 yuan. China Merchants Bank Co rose 0.3 percent to 11.69 yuan. Agricultural Bank of China gained 1.1 percent to 2.67 yuan.
Non-ferrous metals producers also gained. Inner Mongolia Baotou Steel Rare Earth (Group) Hi-tech Co jumped 3.2 percent to 45.60 yuan. Rising Nonferrous Metals Share Co surged 5.2 percent to 78.15 yuan.
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