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Stocks up on stimulus speculation
By Lydia Chen |
November 1, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stock market shook off pressure from a slowing manufacturing index and managed to edge up in the morning session today thanks to a strong rally on expectations that China may unveil more policies to spur economic growth.
The Shanghai Composite Index inched up 0.01 percent in the last minutes of early trade to close at 2,468.49. Turnover increased to 51 billion (US$8.06 billion) from 47 billion yuan yesterday noon.
Insurers headed the rally among financial plays and were the biggest gainers in the morning session.
China Pacific Insurance Group hiked 3.84 percent to 20.55 yuan. PetroChina, the country's largest oil producer, added 0.2 percent to 9.9 yuan.
The Purchasing Managers' Index fell to 50.4 in October from 51.2 in September, the lowest level since February 2009, the China Federation of Logistics and Purchasing said in a statement today.
Analysts said the index, which is a reflection of the world's second largest economy, is expected to slow down further in the fourth quarter as exports to markets in the West may slump.
A reading above 50 indicates expansion.
The Shanghai Composite Index inched up 0.01 percent in the last minutes of early trade to close at 2,468.49. Turnover increased to 51 billion (US$8.06 billion) from 47 billion yuan yesterday noon.
Insurers headed the rally among financial plays and were the biggest gainers in the morning session.
China Pacific Insurance Group hiked 3.84 percent to 20.55 yuan. PetroChina, the country's largest oil producer, added 0.2 percent to 9.9 yuan.
The Purchasing Managers' Index fell to 50.4 in October from 51.2 in September, the lowest level since February 2009, the China Federation of Logistics and Purchasing said in a statement today.
Analysts said the index, which is a reflection of the world's second largest economy, is expected to slow down further in the fourth quarter as exports to markets in the West may slump.
A reading above 50 indicates expansion.
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