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Chinese stocks drop on weaker PMI
By Ye Zhen |
May 2, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks declined today as reports showed China's manufacturing activity cooled in April, fuelling concerns that China's economic recovery is losing momentum.
The key Shanghai Composite Index shed 0.17 percent, or 3.79 points, to 2,174.12 points. Turnover was 59.9 billion yuan (US$9.7 billion) at the trading close.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted more toward private and export-oriented firms, fell to 50.4 in April, HSBC Holdings PLC said today. A reading of 50 or higher indicates the activity is expanding.
The reading stayed in the expansionary territory for a six consecutive month but declined from March's 51.6.
The sub-index for new export orders fell for the first time this year to 48.4 from 50.5 in March, suggesting sluggish demand in the euro zone and the United States may pose threat to China's economic recovery.
A separate report by the China Federation of Logistics and Purchasing yesterday also showed the official manufacturing PMI in state-owned firms fell to 50.6 in April from 50.9 in March.
"The valuation of A shares was depressed by strengthened uncertainty over China's short-term economic growth after China posted weaker-than-expected PMI data," a report by Guotai Junan Securities said.
"Uncertainties about the regulation on the financial market and economic growth model under the new government also weighed on the stock market," the report said.
China Shenhua Energy Co, the nation's biggest coal producer, lost among coal producers, falling 1.1 percent to 20.27 yuan, after posting a 1.2 percent year-on-year decline in first-quarter net profit. Shanxi Lanhua Sci-Tech Venture Co fell 3.8 percent to 17.04 yuan. Shanxi Lu'an Environmental Energy Development Co lost 2 percent to 15.64 yuan.
"Coal demand from downstream industries remained sluggish due to economic weakness and profitability of coal producers will continue to fall as coal price is expected to decline further during the off-season," China Credit Rating Co said in a report today.
The key Shanghai Composite Index shed 0.17 percent, or 3.79 points, to 2,174.12 points. Turnover was 59.9 billion yuan (US$9.7 billion) at the trading close.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted more toward private and export-oriented firms, fell to 50.4 in April, HSBC Holdings PLC said today. A reading of 50 or higher indicates the activity is expanding.
The reading stayed in the expansionary territory for a six consecutive month but declined from March's 51.6.
The sub-index for new export orders fell for the first time this year to 48.4 from 50.5 in March, suggesting sluggish demand in the euro zone and the United States may pose threat to China's economic recovery.
A separate report by the China Federation of Logistics and Purchasing yesterday also showed the official manufacturing PMI in state-owned firms fell to 50.6 in April from 50.9 in March.
"The valuation of A shares was depressed by strengthened uncertainty over China's short-term economic growth after China posted weaker-than-expected PMI data," a report by Guotai Junan Securities said.
"Uncertainties about the regulation on the financial market and economic growth model under the new government also weighed on the stock market," the report said.
China Shenhua Energy Co, the nation's biggest coal producer, lost among coal producers, falling 1.1 percent to 20.27 yuan, after posting a 1.2 percent year-on-year decline in first-quarter net profit. Shanxi Lanhua Sci-Tech Venture Co fell 3.8 percent to 17.04 yuan. Shanxi Lu'an Environmental Energy Development Co lost 2 percent to 15.64 yuan.
"Coal demand from downstream industries remained sluggish due to economic weakness and profitability of coal producers will continue to fall as coal price is expected to decline further during the off-season," China Credit Rating Co said in a report today.
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