September 23, 2013 / 4:35 AM / 4 years ago

Steel companies gain on strong China PMI data

Reuters Market Eye - Shares in steel companies gain after a closely-watched measure of Chinese manufacturing hit its highest in six months and showed a promising pick-up in export orders, another sign of stabilisation in the world’s second-biggest economy.

A labourer works at a Tata steel iron godown in Chandigarh November 9, 2012. REUTERS/Ajay Verma/Files

The flash HSBC Purchasing Managers’ Index (PMI) for China climbed to 51.2 in September, from August’s 50.1, with 10 out of 11 sub-indices up in the month. Dealers had looked for a reading of around 50.9.

Steel Authority of India Ltd (SAIL.NS) gains 2.3 percent, Tata Steel Ltd (TISC.NS) rises 1 percent and Jindal Steel and Power Ltd (JNSP.NS) is up 0.3 percent.

Reporting by Abhishek Vishnoi

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