Economic cooling weighs on key index
Print Edition
SHANGHAI stocks dipped yesterday after China’s non-manufacturing sector posted a moderate growth in April and the central bank signaled it would not ease its monetary stance sharply.
The Shanghai Composite Index lost 0.89 percent to 2,010.08 points after gaining for four days in a row.
Fresh evidence of China’s economic cooling was reflected in the decline in the HSBC China Services Business Activity Index, a gauge of non-manufacturing activity at private and export-oriented companies, which fell to 51.4 in April from 51.9 in March, HSBC Holdings Plc said yesterday. A reading of 50 or higher indicates rising activity.
The market also fell after the People’s Bank of China said in its first-quarter report, released on Tuesday, that it would keep a prudent monetary policy and fine-tune it appropriately. The PBOC added that China’s economic expansion may slow as the growth model changes.
Zhang Zhiwei, an economist with Nomura, said: “This indicates the government is tolerant of a slowdown and is inclined to boost growth through more reforms, rather than monetary easing.”
Real estate developers fell again after the Securities Times said China’s fund managers cut their holdings of property equities by 54.8 percent in the first quarter.
Metro Land Corp slumped 4.9 percent to 4.29 yuan (69 US cents). Poly Real Estate, China’s second-largest listed developer, shed 1.2 percent to 7.19 yuan.
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