Drop in PMI offsets gains by property shares
By Ye Zhen |
June 4, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks dipped yesterday as small-cap counters fell after manufacturing activity at private firms shrank for the first time in seven months, overshadowing gains made by property counters on rising home prices.
The Shanghai Composite Index fell 1.34 points, or 0.06 percent, to 2,299.25.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted toward private and export-oriented firms, fell in May to 49.2, down from 50.4 in April, HSBC Holdings Plc said yesterday.
The PMI's drop marked the first time in seven months that it fell, recording the lowest level since October 2012. A reading of 50 or more means growth.
"The index's drop indicated that small and medium-sized enterprises, which contribute the most to employment, are still facing difficulties," said Qu Hongbin, chief economist of HSBC China.
Beijing Capital Co, a water treatment specialist, dropped 3.6 percent to 8.07 yuan (US$1.32). Tianjin Capital Environmental Protection Group Co lost 2.3 percent to 9.17 yuan.
Most property developers rose after data from the China Index Academy yesterday showed the average home price in China's 100 major cities gained 0.81 percent in May, up for 12 straight months, to 10,200 yuan per square meter. The average price rose 6.9 percent annually.
Poly Real Estate, China's second-largest listed developer, added 0.9 percent to 12.35 yuan. Gemdale Corp gained 1.5 percent to end at 7.87 yuan.
The Shanghai Composite Index fell 1.34 points, or 0.06 percent, to 2,299.25.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted toward private and export-oriented firms, fell in May to 49.2, down from 50.4 in April, HSBC Holdings Plc said yesterday.
The PMI's drop marked the first time in seven months that it fell, recording the lowest level since October 2012. A reading of 50 or more means growth.
"The index's drop indicated that small and medium-sized enterprises, which contribute the most to employment, are still facing difficulties," said Qu Hongbin, chief economist of HSBC China.
Beijing Capital Co, a water treatment specialist, dropped 3.6 percent to 8.07 yuan (US$1.32). Tianjin Capital Environmental Protection Group Co lost 2.3 percent to 9.17 yuan.
Most property developers rose after data from the China Index Academy yesterday showed the average home price in China's 100 major cities gained 0.81 percent in May, up for 12 straight months, to 10,200 yuan per square meter. The average price rose 6.9 percent annually.
Poly Real Estate, China's second-largest listed developer, added 0.9 percent to 12.35 yuan. Gemdale Corp gained 1.5 percent to end at 7.87 yuan.
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