Talk of faster easing pulls key index up
By Ye Zhen |
August 24, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks edged up yesterday on speculation China will speed up moves to boost the economy after data showed the nation's manufacturing activity may hit a nine-month low in August.
The Shanghai Composite Index gained 0.25 percent to 2,113.07 points.
A preliminary reading of the HSBC's China Purchasing Managers' Index for August fell to 47.8, the lowest in nine months, HSBC Holdings Plc said yesterday. The index rose to a three-month high of 49.3 in July.
A reading above 50 indicates expansion.
Qu Hongbin, chief economist for China at HSBC, said the PMI fell as export orders sank to the lowest level since March 2009 as demand weakened. He said China should bolster policy support and encourage infrastructure investment.
Li Xiaopeng, an analyst at China Securities Co, said talk of a monetary policy easing may grow with the drop in PMI.
Gold stocks rose after spot gold hit its highest since May in New York on talk the US Federal Reserve may soon launch another round of monetary stimulus.
Zijin Mining Group Co, the nation's largest gold producer, gained 2.4 percent to 3.92 yuan (62 US cents). Shandong Gold Mining Co added 4 percent to 36.54 yuan.
Brokerages also rose as curbs on their asset management business may be eased.
Founder Securities Co rose 1.2 percent to 4.26 yuan, Haitong Securities Co gained 0.7 percent to 8.58 yuan and Soochow Securities Co added 0.9 percent to close at 7.53 yuan.
The Shanghai Composite Index gained 0.25 percent to 2,113.07 points.
A preliminary reading of the HSBC's China Purchasing Managers' Index for August fell to 47.8, the lowest in nine months, HSBC Holdings Plc said yesterday. The index rose to a three-month high of 49.3 in July.
A reading above 50 indicates expansion.
Qu Hongbin, chief economist for China at HSBC, said the PMI fell as export orders sank to the lowest level since March 2009 as demand weakened. He said China should bolster policy support and encourage infrastructure investment.
Li Xiaopeng, an analyst at China Securities Co, said talk of a monetary policy easing may grow with the drop in PMI.
Gold stocks rose after spot gold hit its highest since May in New York on talk the US Federal Reserve may soon launch another round of monetary stimulus.
Zijin Mining Group Co, the nation's largest gold producer, gained 2.4 percent to 3.92 yuan (62 US cents). Shandong Gold Mining Co added 4 percent to 36.54 yuan.
Brokerages also rose as curbs on their asset management business may be eased.
Founder Securities Co rose 1.2 percent to 4.26 yuan, Haitong Securities Co gained 0.7 percent to 8.58 yuan and Soochow Securities Co added 0.9 percent to close at 7.53 yuan.
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