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Shanghai shares gain on rosy service PMI

By  Ye Zhen   (Shanghai Daily)

16:57, February 04, 2013

SHANGHAI stocks advanced this morning, six days in a row, as data showed China's non-manufacturing activity expanded for a fourth straight month in January, adding to the sign that the world's second largest economy is recovering.

The key Shanghai Composite Index gained 0.58 percent to 2,433.12 points by midday with a total turnover of 96.2 billion yuan (US$15.5 billion).

The China Service Purchasing Managers' Index, a gauge of business activity in non-manufacturing sectors, rose in January to 56.2 from 56.1 in December, the China Federation of Logistics and Purchasing reported yesterday.

A reading above 50 signals the activity is expanding.

"The rising figure reflects the potential of domestic consumption," said Cai Jin, vice chairman of CFLP. "The sub-index of new orders received by the building sector rose to a record high, indicating investment in infrastructure will continue to grow."

Cement producers led the market up. Anhui Conch Cement Co, China's biggest cement producer, rose 3 percent to 21.41 yuan. Zhejiang Jianfeng Group Co added 2.1 percent to 10.94 yuan. Gansu Qilianshan Cement Group increased 2.2 percent to 12.28 yuan.

Distilleries fell the most. Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 2 percent to 175.45 yuan. Sichuan Tuopai Shede Wine Co dropped 5.1 percent to 24.98 yuan. Shanxi Xinghuacun Fen Wine Factory Co shed 3.3 percent to 33 yuan.

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