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Chinese shares drop on weaker report
By Ye Zhen |
November 5, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks fell for the first time in five days after a report said China's non-manufacturing sector expanded at a slower pace last month, adding to mixed signs about the nation's economic outlook.
The benchmark Shanghai Composite Index shed 0.14 percent, or 3.02 points, to 2,114.03 points, snapping a four-day winning streak. Turnover was 53.2 billion yuan (US$8.6 billion) at the trading close.
Optimism over China's economic recovery based on recent upbeat data was wavered after HSBC China Service Purchasing Managers Index (PMI), a gauge of non-manufacturing activity in the private and export-oriented sectors, fell in October to 53.5, down from September's 54.3, HSBC Holdings Plc and Markit Economics reported today.
The reading stood at above the expansionary threshold of 50, indicating the nation's service sector was still in expansion but at a slower pace.
However, analysts are upbeat. "Although the growth in the service sector is moderating, the Chinese economy is gradually recovering thanks to earlier policies," said Qu Hongbin, HSBC's chief economist for China.
Gold stocks led the market down after gold futures for December delivery fell 2.4 percent to US$1,675.20 per ounce, the lowest closing since the end of August. Zijin Mining Group Co, the nation's largest gold producer, shed 0.8 percent to 3.84 yuan. Shandong Gold Mining Co dropped 2 percent to 37.11 yuan. Zhongjin Gold Corp declined 2.2 percent to 15.75 yuan.
Oil-related stocks were mixed after media reported that China may cut retail refined oil prices on November 15 by 300-350 yuan a ton as international oil price fell. Zhejiang Haiyue Co lost 1 percent to 9.58 yuan. PetroChina Co, the nation's biggest oil provider, added 0.1 percent to 8.79 yuan.
The benchmark Shanghai Composite Index shed 0.14 percent, or 3.02 points, to 2,114.03 points, snapping a four-day winning streak. Turnover was 53.2 billion yuan (US$8.6 billion) at the trading close.
Optimism over China's economic recovery based on recent upbeat data was wavered after HSBC China Service Purchasing Managers Index (PMI), a gauge of non-manufacturing activity in the private and export-oriented sectors, fell in October to 53.5, down from September's 54.3, HSBC Holdings Plc and Markit Economics reported today.
The reading stood at above the expansionary threshold of 50, indicating the nation's service sector was still in expansion but at a slower pace.
However, analysts are upbeat. "Although the growth in the service sector is moderating, the Chinese economy is gradually recovering thanks to earlier policies," said Qu Hongbin, HSBC's chief economist for China.
Gold stocks led the market down after gold futures for December delivery fell 2.4 percent to US$1,675.20 per ounce, the lowest closing since the end of August. Zijin Mining Group Co, the nation's largest gold producer, shed 0.8 percent to 3.84 yuan. Shandong Gold Mining Co dropped 2 percent to 37.11 yuan. Zhongjin Gold Corp declined 2.2 percent to 15.75 yuan.
Oil-related stocks were mixed after media reported that China may cut retail refined oil prices on November 15 by 300-350 yuan a ton as international oil price fell. Zhejiang Haiyue Co lost 1 percent to 9.58 yuan. PetroChina Co, the nation's biggest oil provider, added 0.1 percent to 8.79 yuan.
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