Monday 1 July 2013

China´s Indexes up despite a four month low in PMI

Chinese shares went up Monday despite weak purchasing managers' index (PMI) data.
The benchmark Shanghai Composite Index went up 0.81 percent, while the ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, surged 4.37 percent.
China shares opened lower on Monday, as the newly-released PMI came in at 50.1 percent in June, hitting a four-month low and down 0.7 percentage points from May.
The market reversed early losses in the afternoon, driven by bargain hunting after a seven-day losing streak in late June.
But sentiment remained fragile, with total turnover on the two bourses shrinking to 103.15 billion yuan (16.82 billion U.S. dollars) from 160.67 billion yuan the previous trading day.
Source: Xinhua

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