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Stocks up on liquidity, services industry growth
By Feng Jianmin |
November 3, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session after China's central bank eased measures to withdraw money and an HSBC report showed China's service industry was growing at its fastest pace in four months.
The benchmark Shanghai Composite Index went up 0.95 percent to 2,527.93 points. Turnover nearly doubled to 84.4 billion yuan (US$13.4 billion).
The People's Bank of China issued 1 billion yuan three-month notes and halted the selling of three-year notes. Market watchers said a total of 107 billion yuan in central bills and repurchases was due this week, but the bank had only withdrawn 11 billion yuan through open market operations.
Meanwhile, the HSBC Business Activity Index rose from 53 to 54.1 in October, indicating a solid pace of expansion.
"The climb of the service PMI, along with notable improvement in the manufacturing sectors, confirms the strength of Chinese economy," Qu Hongbin, chief economist for China at HSBC said in a report today.
Software firms extended previous gains on speculation that the government will cut tax for the sector to boost growth. Shandong Inspur Software Co jumped by the daily limit of 10 percent to 14.12 yuan. China National Software and Service Co similarly surged by 10 percent to 20.56 yuan.
Property developers were weak after data showed that nine major cities in China, including Shenzhen and Xi'an, had no land transactions for residential projects in October. China Vanke fell 1.1 percent to 7.81 yuan.
The benchmark Shanghai Composite Index went up 0.95 percent to 2,527.93 points. Turnover nearly doubled to 84.4 billion yuan (US$13.4 billion).
The People's Bank of China issued 1 billion yuan three-month notes and halted the selling of three-year notes. Market watchers said a total of 107 billion yuan in central bills and repurchases was due this week, but the bank had only withdrawn 11 billion yuan through open market operations.
Meanwhile, the HSBC Business Activity Index rose from 53 to 54.1 in October, indicating a solid pace of expansion.
"The climb of the service PMI, along with notable improvement in the manufacturing sectors, confirms the strength of Chinese economy," Qu Hongbin, chief economist for China at HSBC said in a report today.
Software firms extended previous gains on speculation that the government will cut tax for the sector to boost growth. Shandong Inspur Software Co jumped by the daily limit of 10 percent to 14.12 yuan. China National Software and Service Co similarly surged by 10 percent to 20.56 yuan.
Property developers were weak after data showed that nine major cities in China, including Shenzhen and Xi'an, had no land transactions for residential projects in October. China Vanke fell 1.1 percent to 7.81 yuan.
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