Shanghai shares end higher on stronger PMI data
SHANGHAI shares end higher today following strong gains in the financial sector and unexpectedly positive independent data on China’s manufacturing sector.
The Shanghai Composite Index gained 0.60 percent to end at 3,292.64 points.
The Caixin manufacturing PMI rose to a higher-than-expected 51.1 in July, the highest in four months.
China Life Insurance advanced 4.13 percent and China Merchants Bank rose 2.23 percent.
Brokerages also gained, with Changjiang Securities rising 2.63 percent to 9.75 yuan and Shanxi Securities adding 2.25 percent to finish at 11.81 yuan.
Everbright Securities wrote in a research note that despite the recent rebounds the market still faces pressure from less-than-expected mid-term earnings reports.