China Business Blog - Aggregated China Business Blogs
Aggregated China Business Blogs
Shanghai shares almost flat in morning trade
Aggregated Source: Shanghai Daily: Business

SHANGHAI stocks crept 0.07 percent up in morning trading, led by technology firms while financial stocks remained weak.

The benchmark Shanghai Composite Index added only 1.52 points to 2,303.92. Turnover was 56.9 billion yuan (US$9.2 billion) by the noon break.

The HSBC Flash China Manufacturing Purchasing Managers' Index, a preliminary reading of the country's factory activity, slipped to 49.6 in May, the lowest in seven months, due to weak demand at both home and abroad.

A reading below 50 indicates contraction.

China Merchants Bank fell 1.22 percent to 13.82 yuan. China Life Insurance Co shed 0.95 percent to 16.70 yuan.

Technology companies, less affected by economic growth, pushed the composite index up. Zhuhai Orbita Control Engineering Co jumped by the daily limit of 10 percent to 10.29 yuan. Founder Technology Group Corp surged 9.06 percent to 2.77 yuan.

Original URL: Click here to visit original article
Copyright Shanghai Daily: Business