A-Shares Rebound on Iron Hope, December PMI Still Below 50
The Shanghai Composite Index rose 3.29% to close at 1,880.72, while the Shenzhen Composite Index grew 3.22% to close at 571.13 on Monday. Trading volume on the Shanghai and Shenzhen Stock Exchanges reached RMB 46.1 billion and RMB 24.57 billion, respectively.
Chinese Premier Wen Jiabao said in Qingdao this weekend that the government has made plans to revive the iron and steel industry, reports Oriental Morning Post. Shares of Chongqing Iron & Steel (601005.SH), Xinjiang Ba Yi Iron & Steel (600581.SH) and Wuhan Iron and Steel (600005.SH) and Baoshan Iron & Steel (600019.SH) rose 10.14%, 10.04%, 10.04% and 7.54% respectively, on Monday.
China's Purchasing Managers' Index (PMI) grew 2.4 percentage points from November to reach 41.2 in December, reports Caixun.com citing China Federation of Logistics and Purchasing data. December marked the third consecutive month for China's PMI to fall below 50.
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