Sun,Nov 3,2013
Shanghai stocks closed higher yesterday as investors were cheered by upbeat manufacturing data that hit an 18-month high.
The Shanghai Composite Index added 0.37 percent, or 7.95 points, to 2,149.56. For the week, the index gained 0.78 percent.
China’s official Purchasing Managers’ Index, a gauge of manufacturing activity slanted more toward state-owned firms, climbed to 51.4 in October, up from 51.1 in September, the National Bureau of Statistics said yesterday. A reading of 50 or higher indicates expanding activity.
“The October PMI reading was the highest since April 2012, suggesting that economic activity remained solid going into October, following an impressive pickup in third-quarter GDP growth,” said Zhu Haibin, chief China economist at JPMorgan Chase & Co.
Metal manufacturers gained, with Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co up 4.8 percent to 26.40 yuan (US$4.33). Rising Nonferrous Metals Share Co climbed 5.9 percent to 43.29 yuan. Xiamen Tungsten Co added 3 percent to 28.18 yuan.
Banks gained from falling money costs with the benchmark seven-day repurchase rate, a gauge of funding availability, dropping 38.3 basis points to 4.6 percent in Shanghai yesterday, the lowest level since October 23.
Shanghai Pudong Development Bank added 0.9 percent to 10.42 yuan. China Minsheng Banking Corp rose 2.3 percent to 9.17 yuan.
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