Hongkong Stocks climbs as Manufacturing Industry in China expanded in six months

By on Nov 1, 2010 in Business, Stock Market, World Comments

Hongkong stocks climbs as manufacturing industry in China expanded in six months, international finance sites reported.

According to an email statement sent by China’s logistics federation to some of these sites, the Purchasing Managers Index was said to have increased to 54.7 this October, as compared to last month’s 53.8.

As published in Business Week on Monday, some top companies in China showed a stock index increase.

This includes Hang Seng Index as it rose 1.9 percent to 23,543.60 at the midday-trading break, which was said to be the biggest gain since June 21.

China Construction Bank Corp., dubbed as the world’s No. 2 lender by market value, rose 2.7 percent, while China Shenhua Energy Co., the country’s top coal producer, was reported to have advanced 3.5 percent after their third-quarter profit increased.

Meanwhile, Jiangxi Copper Co., China’s No. 1 metal manufacturer, pitched 5.6 percent after commodity prices rose.

In addition, Belle International Holdings Ltd., China’s largest women’s shoes retailer, enjoyed a 4.1 percent to HK$14.58 leap.

Other Chinese companies which were said to have a stock index increase are Tencent Holdings Ltd., China’s biggest Internet company by market value, climbed 3.6 percent to HK$183.90, and Ping An Insurance Group Co., China’s second-largest insurer, with an increase of 3.1 percent to HK$86.

“It shows that resilience in China’s growth seems to be continuing,” Asian equity management team at RBC Investment (Asia) Ltd. Head Yoji Takeda reportedly said.

“The market is certainly welcoming the result. The underlying confidence in the economy seems strong.” Mr. Takeda added, as he oversees a $1.1 billion growth.

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