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Markets rally on signs of manufacturing expansion

2013-09-24 08:52 Global Times Web Editor: qindexing
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Stock markets in Shanghai and Shenzhen climbed higher Monday after a preliminary gauge of manufacturing activity registered expansion during September.

The Shanghai Composite Index gained 29.19 points, or 1.33 percent, to end at 2,221.04; while the Shenzhen Component Index surged 2.81 percent, or 238.54 points, to finish at 8,719.29.

Combined turnover jumped to 239.3 billion yuan ($39.08 billion) Monday, up from 194.06 billion yuan Wednesday, the last day of trading before exchanges on the Chinese mainland closed for the Mid-Autumn Festival holidays.

Stocks got a major boost after HSBC's flash purchasing managers' index (PMI) for the manufacturing sector came in with a headline reading of 51.1 for September, up from a final reading of 50.1 for August to reach a six-month high. Investors took heart from this figure, which lends credence to views that China's economy is recovering after a recent slump.

Nearly all sectors performed well Monday, although media, electronic information, tourism, agriculture and wind power stocks notched the day's biggest wins.

In the wind power sector, Shanghai Taisheng Wind Power Equipment Co and Titan Wind Energy (Suzhou) Co both hit the 10-percent daily limit to end at 6.23 yuan and 9.74 yuan respectively.

Software makers took off in the afternoon, when Insigma Technology Co and Shanghai DZH Ltd closed at 6.34 yuan and 7.98 yuan respectively after reaching the daily limit.

Monday was also a banner day for many of the market's less capitalized equities. The ChiNext index, which tracks China's NASDAQ-style growth enterprise board, gained 2.83 percent to hit a record high of 1,326.09.

On the downside, Shanghai Jahwa United Co missed out on the day's broad upswing. The company's shares tumbled 1.86 percent to 47.45 yuan thanks to reports that its chairman, Ge Wenyao, was retiring.

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