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Manufacturing data nudges stocks higher

November 02,2018

   
   

Shanghai stocks eked out small gains Thursday, lifted by data showing modest manufacturing expansion.

The Shanghai Composite Index edged up 0.13 percent to close at 2,606.24 points.

Sentiment was boosted by a rise in the Purchasing Managers’ Index to 50.1 in October from 50.0 in September, according to the survey by financial information service provider Markit and sponsored by Caixin Media Co.

A reading above 50 shows an expansion; below 50 is a contraction.

The Caixin survey showed manufacturing operating conditions were broadly unchanged at the start of the fourth quarter, although total new orders expanded slightly in October. The survey data pointed to an increase in buying activity among manufacturers.

Computer companies, telecommunications firms and consumer shares were among the biggest gainers on the bourse.

China National Software & Service Co jumped 7.44 percent to 27.16 yuan (US$3.91) and Tsingtao Brewery Co added 3.41 percent to 31.23 yuan.