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Disappointing PMI data fails to stop sustained rise in shares

2014-11-04 08:08 Global Times Web Editor: Qin Dexing
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Stock markets in the Chinese mainland extended last week's gains on Monday to reach their highest points this year, backed by the strong performance of transportation stocks.

The benchmark Shanghai Composite Index rose for a fifth straight trading session to the highest level since February 2013, gaining by 9.85 points or 0.41 percent to 2,430.03 points on Monday. The Shenzhen Component Index inched up by 14.54 points or 0.18 percent to 8,240.15 points, the highest level since December 2013.

Combined turnover on the two bourses on Monday was 426.97 billion yuan ($69.74 billion), down from Friday's 458.72 billion yuan.

Monday's rally came despite the country's weak purchasing managers' index (PMI) indicating a slowdown. The official non-manufacturing PMI stood at 53.8 for October, falling from 54 in September, according to the National Bureau of Statistics on Monday. The manufacturing PMI was 50.8 in October, also down from 51.1 in September.

On Monday, stocks linked to transportation supported the gains. Hainan Airlines Co jumped by the daily limit of 10 percent to 2.52 yuan and Fujian Expressway Development Co rose by 5.40 percent to 3.32 yuan.

The shipping sector was boosted by news of a major deal. Shanghai-listed Guangzhou Shipyard International Co said it plans to acquire a majority stake in CSSC Huangpu Wenchong for 4.5 billion yuan. Shares in Guangzhou Shipyard International soared by 10 percent to 18.84 yuan and boosted other shares in the sector.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, rose by 16.63 points or 1.10 percent to 1,529.89 points on Monday.

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