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Consumer plays lead decliners in Shanghai amid concern over economic slowdown
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SHANGHAI stocks was down 0.59 percent in the morning session after consumer goods makers slid among concerns slower economic growth may drive down their performance.
The benchmark Shanghai Composite Index closed at 2,148.06 points as of 11:30 am. Turnover was 35.60 billion yuan (US$5.9 billion).
HSBC’s Flash China Purchasing Managers’ Index, the earliest indicator of Chinese manufacturing activity, fell in December to 50.5, the lowest reading in three months, HSBC Holdings PLC said yesterday.
Qingdao Haier Co withdrew 4.32 percent to 19.48 yuan. Gree Electric Appliances Inc shed 3.18 percent to 32.31 yuan.
Banks were also sluggish. Industrial and Commercial Bank of China was down 0.27 percent at 3.68 yuan. Bank of China declined 0.37 percent to 2.71 yuan.
Property companies showed mixed performance. Jielong Industry Group Corp hiked by the daily limit of 10 percent to 9.58 yuan. Gemdale Corporation was down 3.12 percent at 6.22 yuan. Waigaoqiao Free Trade Zone Development Co edged up 0.35 percent to 34.77 yuan.
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