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Stocks rise in morning session on surprise PMI
By Lu Nengneng |
March 1, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market edged up in the morning session on China's better-than-expected manufacturing index and Europe's latest refinancing operation.
The key Shanghai Composite Index inched up 0.12 percent to 2,431.33 points after early-trade fluctuations. Turnover stood at 36.7 billion yuan (US$ 5.8 billion).
China's statistics bureau and logistics federation announced today that the official Purchasing Managers' Index for February improved for a third month in Feburary. The key gauge of China's industrial activities rose to 51 from 50.5 in January, which was higher than an HSBC estimate of 49.7. The reading below 50 is viewed as contraction.
Resource-related blue chips were slightly up following the data release. Yangzhou Coal Mining rose 0.39 percent to 25.68 yuan. Wuhan Iron & Steel increased 0.31 percent to 3.20 yuan.
The shipping sector also rebounded after the European Central Bank decided to grant 529.5 billion euros worth of low-interest loans to banks to help ease the eurozone debt crisis.
COSCO Shipping Co, a unit of China's largest operator of dry bulk cargo ships, gained 1.41 percent to 5.02 yuan. China Shipping Containers Lines Co added 0.66 percent to 3.07 yuan.
The key Shanghai Composite Index inched up 0.12 percent to 2,431.33 points after early-trade fluctuations. Turnover stood at 36.7 billion yuan (US$ 5.8 billion).
China's statistics bureau and logistics federation announced today that the official Purchasing Managers' Index for February improved for a third month in Feburary. The key gauge of China's industrial activities rose to 51 from 50.5 in January, which was higher than an HSBC estimate of 49.7. The reading below 50 is viewed as contraction.
Resource-related blue chips were slightly up following the data release. Yangzhou Coal Mining rose 0.39 percent to 25.68 yuan. Wuhan Iron & Steel increased 0.31 percent to 3.20 yuan.
The shipping sector also rebounded after the European Central Bank decided to grant 529.5 billion euros worth of low-interest loans to banks to help ease the eurozone debt crisis.
COSCO Shipping Co, a unit of China's largest operator of dry bulk cargo ships, gained 1.41 percent to 5.02 yuan. China Shipping Containers Lines Co added 0.66 percent to 3.07 yuan.
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