Chinese stocks rise on upbeat manufacturing data
Updated: 2013-09-23 13:26
(Xinhua)
|
|||||||||||
BEIJING -- Chinese stocks closed higher on Monday morning after the HSBC Flash Purchasing Managers' Index for September hit a six-month high.
In the morning, the benchmark Shanghai Composite Index went up 0.79 percent to 2,209.18 and the Shenzhen Component Index rose 1.74 percent to 8,628.72.
A Flash PMI reading of 51.2 for September was the highest since April and up from August's 50.1. A figure above 50 signals expansion, while below 50 indicates contraction.
The September reading was beyond market expectations, indicating the economy continues to rebound and momentum will continue in the following quarters, HSBC's chief economist for China Qu Hongbin said on Weibo.
The rally in Chinese stocks was also a delayed response to the Federal Reserve's announcement to postpone unwinding its stimulus, or tapering.
The Fed last Wednesday surprised markets by delaying the long-debated tapering of its current monthly $85 billion bond purchase program, citing concerns over tighter financial conditions and fiscal headwinds.
While many financial markets rose after the news, Chinese stock markets were silent as they were closed last Thursday and Friday for the Mid-Autumn Festival.
Related Stories
Stock market needs effective regulation 2013-09-18 07:49
Chinese investors again taking stock of Europe 2013-09-12 15:36
Chinese stocks rise on upbeat economic data 2013-09-10 15:35
China's stocks rise in morning trade 2013-09-09 14:17
China stock index futures close higher - Sept 3 2013-09-03 16:42
Today's Top News
China's stabilizing influence
China's FM meets UN chief on Syria, development
Mission to moon will boost research, awareness
China-Germany relations stable
Verdict for Bo Xilai: Life in prison
Russian embassy to Syria shelled
Gunmen holding hostages in Nairobi
Trending News across China
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
|
|
|
|
|
|











