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Shanghai Composite up 0.65%, boosted by March PMI
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SHANGHAI stocks were up this morning after new data showed China’s manufacturing activity picked up the pace in March.
The key Shanghai Composite Index rose 0.65 percent, or 13.32 points, to 2,046.62. Half-day turnover was 33.5 billion yuan (US$5.5 billion).
The market was boosted by China’s official Purchasing Managers’ Index, a gauge of manufacturing activity slanted more towards state-owned firms, which rose to 50.3 in March, from 50.2 in February.
The index was released today by the National Bureau of Statistics and the China Federation of Logistics and Purchasing. A reading of 50 or above indicates expansion.
“Although the rebound had seasonal factors, the March PMI bucked a three-month falling trend and gave hope for a stable growth outlook,” said Zhang Liqun, an analyst with the Development Research Center of the State Council.
But the HSBC Purchasing Managers’ Index, which measures operating conditions at largely private and export-oriented companies, fell to an eight-month low of 48 in March, down from 48.5 in February, HSBC Holdings PLC announced today.
Distilleries gained. Kweichow Moutai Co Ltd advanced 4.4 percent to 161.47 yuan. Shanxi Xinghuacun Fen Wine Factory Co Ltd added 1.8 percent to 15.66 yuan.
Aviation industry also rose. Shaanxi Aerospace Power Hi-Tech Co Ltd climbed 5 percent to 17.30 yuan. China Avic Electronics Co Ltd gained 1.4 percent to 19.04 yuan.
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