Shares up as PMI strengthens

Source: Xinhua | 2017-07-04

SHANGHAI stocks eked out small gains yesterday, buoyed by positive economic data showing manufacturing expansion and demand.

The Shanghai Composite Index edged up 0.11 percent to 3,195.91 points.

Sentiment was boosted by a rise in the Purchasing Managers’ Index to 50.4 in June from 49.6 in May, released yesterday by business and financial reporting company Caixin.

The Caixin manufacturing PMI stood above 50, which indicated expansion in manufacturing in June. A reading below 50 reflects a contraction.

Infrastructure companies, coal and steel providers and non-ferrous metal shares were among the biggest gainers on the bourse yesterday.

Maanshan Iron & Steel Co Ltd jumped 9.89 percent to 3.89 yuan (US$0.57), Shaanxi Coal Industry Co Ltd added 5.66 percent to 7.47 yuan and Huaxin Cement Co rose 3.99 percent to 9.91 yuan.