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Shares end higher on Caixin PMI

    Chinese stocks rebounded from earlier losses as consumer and banking firms rose, after a private survey showed the country’s factory growth rose to the highest level in six months in February.

    The benchmark Shanghai Composite Index ended up 0.44 percent to 3,273.75 points yesterday, recovering from losses in the morning session, with small caps also leading the gains.

    Growth in China’s manufacturing sector picked up to a six-month high in February as factories rushed to replenish inventories to meet new orders.

    Everbright Securities rose 1.39 percent to 13.09 yuan and China Merchants Securities edged up 0.53 percent to 17.19 yuan. Ping An Insurance Group Co jumped 1.73 percent to 68.93 yuan.

    Real estate developers went south. Gemdale Corp sank 3.98 percent and China Vanke Co lost 0.89 percent.

    Retailers and consumer goods companies led the gains with Co picking up 0.8 percent to 12.60 yuan and Joyoung Co adding 1.28 percent to 17.47 yuan while Aucma Co Ltd rose 1.86 percent to 4.37 yuan.

    Bank of China International said in a research note that the current liquidity situation is still favorable and fundamentals remain stable.