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Strong HSBC flash PMI figures send stocks to end at 2-week high
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China stocks gained the most in two weeks yesterday after a survey showed manufacturing activity in the country strengthened in September.
The key Shanghai Composite Index rose 1.33 percent to end at 2,221.04.
The HSBC flash China Manufacturing Purchasing Managers’ Index, which studies operating conditions at private and export-oriented industrial companies, rose to a six-month high of 51.2 in September from 50.1 in August. The latest figure signaled a rebound in the world’s second-largest economy. A reading above 50 means expansion.
The HSBC report showed output, new orders, export deals and prices rose faster in September.
Stocks seen to gain potentially from the pilot free trade zone in Shanghai continued their rally. Both Shanghai Lujiazui Finance and Trade Zone Development Co and Shanghai Waigaoqiao Free Trade Zone Development Co jumped by the maximum limit of 10 percent.
The Inner Mongolia Yili Industrial Group gained 3.18 percent to 41.27 yuan after a media report said the company is among leading Chinese milk powder makers which may benefit from a government plan to pump in 30 billion yuan (US$4.9 billion) to help the industry consolidate.
Wind turbine makers also powered ahead, with Sinovel Wind Group Co and Goldwind Science and Technology Co both up by the 10 percent limit.
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