Cooler PMI data hurt index
By Ye Zhen |
May 3, 2013, Friday
|
Print Edition
Print Edition
SHANGHAI stocks dipped yesterday after China's manufacturing activity cooled in April, fueling concerns the country's economic recovery is losing momentum.
The Shanghai Composite Index shed 0.17 percent to 2,174.12 points, the lowest level since December 24.
The HSBC 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 yesterday. The index stayed in expansion mode for six consecutive months although it fell 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 that sluggish demand in the eurozone and the United States may threaten China's economic recovery.
A separate report by the China Federation of Logistics and Purchasing also showed the official manufacturing PMI in state-owned enterprises fell to 50.6 in April from 50.9 in March.
"The valuation of A shares was depressed by more uncertainties over China's short-term economic growth after China posted weaker-than-expected PMI data," a report by Guotai Junan Securities said.
China Shenhua Energy Co, the nation's biggest coal producer, fell 1.1 percent to 20.27 yuan (US$3.29), after its first-quarter net profit shed 1.2 percent year on year. Shanxi Lanhua Sci-Tech Venture Co fell 3.8 percent to 17.04 yuan.
The Shanghai Composite Index shed 0.17 percent to 2,174.12 points, the lowest level since December 24.
The HSBC 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 yesterday. The index stayed in expansion mode for six consecutive months although it fell 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 that sluggish demand in the eurozone and the United States may threaten China's economic recovery.
A separate report by the China Federation of Logistics and Purchasing also showed the official manufacturing PMI in state-owned enterprises fell to 50.6 in April from 50.9 in March.
"The valuation of A shares was depressed by more uncertainties over China's short-term economic growth after China posted weaker-than-expected PMI data," a report by Guotai Junan Securities said.
China Shenhua Energy Co, the nation's biggest coal producer, fell 1.1 percent to 20.27 yuan (US$3.29), after its first-quarter net profit shed 1.2 percent year on year. Shanxi Lanhua Sci-Tech Venture Co fell 3.8 percent to 17.04 yuan.
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