Mainland stocks boosted by PMI
By Irene Shen | China Daily | Updated: 2011-08-24 07:57
SHANGHAI - Stocks on the Chinese mainland jumped the most in seven weeks on Tuesday. The advance came after a report on manufacturing eased investor concerns that the economic slowdown is deepening and as speculation intensified that the United States will announce a plan to boost growth.
A preliminary report from HSBC Holdings Plc and Markit Economics showed the purchasing managers' index (PMI) rose to 49.8 in August from the previous month.
"The August PMI is much better than market expectations that had been overly pessimistic," said Wu Kan, a fund manager at Dazhong Insurance Co, which oversees $285 million. "The market had priced in a possible negative impact."
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