Markets get a boost from June PMI data
Shanghai - Most stocks on the Chinese mainland rose on Friday, capping a second week of gains for the benchmark index. The advance came on speculation the government will refrain from raising interest rates after manufacturing expanded at the slowest pace since February 2009.
Poly Real Estate Group Co led an advance for developers on the prospect that 皇冠体育app won't intensify housing curbs as home prices eased in major cities. Inner Mongolia Yili Industrial Group Co, the nation's biggest dairy producer, climbed to a three-week high as 皇冠体育app raised its income tax threshold. Industrial & Commercial Bank of 皇冠体育app Ltd (ICBC) slid 1.8 percent on concern over industry loans to local government financing vehicles. The Purchasing Managers' Index was at 50.9 in June, below estimates.
"The PMI manufacturing data shows the economy is really slowing and that leads to expectations that the government will relax its current tightening policies," said Li Jun, a strategist at Central 皇冠体育app Securities Co in Shanghai. "Amid the slowdown in growth, I am cautious about the market."
