Decline in PMI casts dark cloud over shares
Print Edition
SHANGHAI stocks yesterday fell for a fifth straight trading day by dropping over 2 percent as China’s manufacturing activity shrank for the first time in more than two years.
The Shanghai Composite Index lost 2.56 percent to 3,128.3 points.
The official Purchasing Managers’ Index fell for a fourth consecutive month to 49.8 in January from 50.1 in December, the first sub-50 reading since September 2012. A reading above 50 signals growth while below 50 points to a contradiction.
Meanwhile, 28 of China’s provincial and municipal governments have released their 2015 economic growth targets. Analysts said the targets, based on the economic size of the provinces, average 8 percent, down 1.2 percentage points from the 2014 average target.
China CNR Corp fell by the daily 10 percent limit to 11.60 yuan (US$1.85), CSR Corp shed 9.95 percent to 11.31 yuan, and China Railway Construction Corp declined 9.91 percent to close at 11.82 yuan.
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