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Stocks up slightly on manufacturing data
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SHANGHAI shares inched up slightly today, reversing the decline of the morning session, as the August official Purchasing Managers' Index pointed to manufacturing activity expansion.
The key Shanghai Composite Index ended almost flat with a 0.07 point gain to 2098.45 points, with a huge turnover of 121 billion yuan (US$19.77 billion).
Agricultural and media stocks led the A-share market while distilleries took a heavy toll.
"The Chinese economy in the third quarter will rebound, with the upbeat investment and export sectors," said CITIC Securities Co, hinting at a better outlook after the PMI results.
CITIC estimated that the Gross Domestic Product (GDP) growth will be at 7.6 percent in Q3, up from the second-quarter's 7.5 percent.
Heilongjiang Agriculture Company Limited soared by the 10 percent daily limit to 8.2 yuan.
Kweichow Moutai Co., the nation's biggest liquor maker by market value, slumped 9.38 percent to 152.94 yuan after sluggish growth over the concerns about the government's curbs to extravagant official spending.
However, the expiration of locked-up stocks is expected to weigh on the markets. Data showed that 15 listed companies at both Shanghai and Shenzhen markets will see stocks unlocked this week, with a total market value mounting to 29.4 billion yuan.
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