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Fund drain and PMI figure dent shares
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SHANGHAI stocks ended lower yesterday after new data showed China’s manufacturing activity may have shrunk to a 7-month low in February while the central bank continued to drain liquidity by selling repurchase agreements.
The Shanghai Composite Index lost 0.18 percent, or 3.77 points, to 2,138.78.
HSBC’s Flash China Purchasing Managers’ Index, the earliest indicator of manufacturing activity, fell in February to 48.3, down from 49.5 in January and the lowest in seven months, HSBC Holdings PLC said yesterday.
A reading of 50 or higher indicates expansion.
“The dismal PMI data added to evidence that China’s economy continued to moderate since the end of last year,” said Essence Securities.
The People’s Bank of China yesterday withdrew 60 billion yuan from the banking system via 14-day repos at a yield of 3.80 percent, said a statement on its website. It followed a 48 billion-yuan drain on Tuesday, the first in eight months.
Shanghai Pudong Development Bank fell 1.1 percent to 9.39 yuan (US$1.54) and China Minsheng Banking Corp shed 2.5 percent to 7.80 yuan.
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