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Dismal PMI drags Shanghai index to 43-month low
By Ye Zhen |
September 20, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks dived to their lowest level since February 2009 today when initial data showed China's manufacturing activity is declining in September for 11 months on end.
The benchmark Shanghai Composite Index fell 2.08 percent to 2,024.84 points, the lowest level in 43 months. Turnover was 54 billion yuan (US$8.6 billion) at the trading close.
A preliminary reading of HSBC's China Purchasing Managers' Index was 47.8 in September, a slight gain from August's 47.6 but still below 50 for 11 months running, HSBC Holdings PLC said today.
The HSBC Flash PMI, a gauge of China's manufacturing activity, is slanted more towards private and export-oriented companies. A reading below 50 indicates contraction.
The index and other dismal data released earlier indicate that China's economy remains sluggish with no sign of bottoming out, said Shenyin & Wanguo Securities.
Oil-related stocks slumped in Shanghai after crude oil future for October delivery dropped 3.5 percent in New York. Shanghai Lonyer Fuels Co plunged 7.7 percent to 10.85 yuan. China Petroleum and Chemical Co, the country's largest oil refiner, shed 1.5 percent to 5.85 yuan. PetroChina Co, the second biggest player, declined 1.7 percent to 8.63 yuan.
Coal producers also retreated. Shanxi Lanhua Sci-Tech Venture Co sank 4.8 percent to 17.65 yuan.
Shanxi Lu'an Environmental Energy Development Co lost 3.1 percent to 16.66 yuan. China Shenhua Energy Co, the nation's biggest coal producer shed 2.8 percent to 21.28 yuan.
Defense-related stocks were the only winners as territorial tension between China and Japan over the Diaoyu Islands escalated. China CSSC Holdings Ltd jumped 6.4 percent to 21.10 yuan. Asian Star Anchor Chain Co rose 1.8 percent to 9.09 yuan.
The benchmark Shanghai Composite Index fell 2.08 percent to 2,024.84 points, the lowest level in 43 months. Turnover was 54 billion yuan (US$8.6 billion) at the trading close.
A preliminary reading of HSBC's China Purchasing Managers' Index was 47.8 in September, a slight gain from August's 47.6 but still below 50 for 11 months running, HSBC Holdings PLC said today.
The HSBC Flash PMI, a gauge of China's manufacturing activity, is slanted more towards private and export-oriented companies. A reading below 50 indicates contraction.
The index and other dismal data released earlier indicate that China's economy remains sluggish with no sign of bottoming out, said Shenyin & Wanguo Securities.
Oil-related stocks slumped in Shanghai after crude oil future for October delivery dropped 3.5 percent in New York. Shanghai Lonyer Fuels Co plunged 7.7 percent to 10.85 yuan. China Petroleum and Chemical Co, the country's largest oil refiner, shed 1.5 percent to 5.85 yuan. PetroChina Co, the second biggest player, declined 1.7 percent to 8.63 yuan.
Coal producers also retreated. Shanxi Lanhua Sci-Tech Venture Co sank 4.8 percent to 17.65 yuan.
Shanxi Lu'an Environmental Energy Development Co lost 3.1 percent to 16.66 yuan. China Shenhua Energy Co, the nation's biggest coal producer shed 2.8 percent to 21.28 yuan.
Defense-related stocks were the only winners as territorial tension between China and Japan over the Diaoyu Islands escalated. China CSSC Holdings Ltd jumped 6.4 percent to 21.10 yuan. Asian Star Anchor Chain Co rose 1.8 percent to 9.09 yuan.
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