China stocks close higher, new shares surge

GMT 09:48 2014 Wednesday ,02 July

Arab Today, arab today China stocks close higher, new shares surge

Chinese shares rose
Beijing - XINHUA

Chinese shares rose on Wednesday with combined turnover up, responding to latest data that signaled improving manufacturing activity.
The benchmark Shanghai Composite Index increased 0.44 percent to finish at 2,059.42 points, while the Shenzhen Component Index gained 0.18 percent to close at 7,310.38.
Combined turnover of the two bourses stood at 221.08 billion yuan (35.92 billion U.S. dollars).
Government data released on Tuesday showed the purchasing managers' index (PMI) for manufacturing rose to 51 in June, up from 50.8 in May and marking the highest reading since December. PMI data released by British bank HSBC was also above 50, indicating that the country's factory activity is expanding.
Shares concerning the planning of an East Asia Free Trade Area led the rises, ahead of Chinese President Xi Jinping's visit to the Republic of Korea on July 3.
Rizhao Port Co. and Dalian Port Company rose by the daily limit of 10 percent.
Three newly listed firms all jumped by the daily limit, after opening 20 percent higher than the offering prices.
Hubei Forbon Technology closed at 29.49 yuan per share, Zhejiang Shapuaisi Pharmaceutical Co. at 31.46 yuan and Yunnan Hongxiang Yixintang Pharmaceutical Co. at 17.57 yuan.

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