China’s Stocks Swing Between Gains, Losses on Manufacturing Data, Lending
Chinese stocks swung between gains and losses as investors weighed growth in the manufacturing industry against concerns the nation’s tight monetary policies will restrict economic growth.
Gansu Qilianshan Cement Group Co. (600720) and Zhengzhou Coal Mining Machinery Group Co. climbed among industrial companies after a purchasing managers index rose for a third straight month in February. Zijin Mining Group Co. and Zhongjin Gold Co. slumped more than 2 percent as bullion prices tumbled to a six-week low in Shanghai.
About as many stocks climbed as declined in the Shanghai Composite Index (SHCOMP), which fell 0.1 percent to 2,425.37 as of 11:04 a.m. local time. The gauge swung between gains and losses at least four times today after the Securities Times said new lending in February may miss estimates. The CSI 300 Index (SHSZ300) lost 0.1 percent to 2,632.69.
The Shanghai index advanced 5.9 percent in February, capping its biggest monthly gain since October 2010, on the prospect the central bank will add to a Feb. 18 cut in reserve requirements to halt a decline in economic growth. For the year, the measure has rebounded 11 percent and trades at 10.1 times estimated profit, compared with a record low of 8.9 times on Jan. 6, weekly data compiled by Bloomberg showed.
--Zhang Shidong. Editors: Darren Boey, Chan Tien Hin
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