Banks and brokerages pull shares to end lower
Print Edition
SHANGHAI stocks dipped yesterday as banks and brokerages offset the strong performance of media firms.
The Shanghai Composite Index fell 0.44 percent to 2,230.46 points.
The HSBC Flash China Manufacturing Purchasing Managers’ Index, the earliest available indicator of China’s industrial sector, moderated to a three-month low of 50.3 in August, down sharply from the final reading of 51.7 in July.
The fall in manufacturing pointed to a weak economy that would push the People’s Bank of China to ease monetary and fiscal policies, which include trimming interest rates, cutting the reserve requirement ratio and relaxing curbs on buying homes, according to Goldman Sachs.
Shanghai Pudong Development Bank lost 1.45 percent to 9.50 yuan (US$1.54) while China Citic Bank dropped 1.36 percent to 4.34 yuan.
The national policy released this week to develop new media again lifted the media sector.
Four shares rose by the maximum daily limit of 10 percent — Zhejiang Daily Media to 10.40 yuan, Northern United Publishing and Media to 19.21 yuan while Jiangsu Phoenix Publishing and Media Corp and Shanghai Xinhua Media both finished at 10.88 yuan.
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