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HSBC's PMI slumps, sending shares lower at midday
By Ye Zhen |
June 21, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks declined this morning after a preliminary reading of HSBC's China Purchasing Managers Index in June fell to a seven-month low, fueling concern the nation's economy is heading for a hard landing.
The Shanghai Composite Index retreated 1.55 percent to 2,257.38 points. Turnover was 30.9 billion yuan (US$4.9 billion) by the noon break.
HSBC's Flash China Purchasing Managers Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell in June to 48.1, compared with 48.4 in May, HSBC Holdings PLC announced today. A reading of 50 or higher generally indicates activity is expanding.
"Policy makers may step up their efforts to combat the economic slowdown as manufacturing activity keeps contracting in June, though at a slower pace. Weak external demand will continue to weigh on export growth," said Qu Hongbin, chief economist for China at HSBC Holdings Plc.
The new export orders sub-index in June fell to 45.9, the lowest level since March 2009, according to the report.
Coal shares dropped as high inventory dragged down coal prices across the nation. Shanxi Lanhua Sci-Tech Venture Co decreased 4.2 percent to 19.44 yuan. Shanxi Lu'an Environmental Energy Development Co slumped 5 percent to 21.56 yuan. Guizhou Panjiang Refined Coal Co shrank 6.3 percent to 27.33 yuan.
Deposits in China's four biggest state-owned banks dropped by a combined 460 billion yuan during the first two weeks of June even though they raised deposit rates to 3.5 percent, higher than the 3.25 percent benchmark rate, 21st Century Business Herald reported today.
Lenders slumped on the news. Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.3 percent to 3.93 yuan. China Construction Bank Corporation lost 0.9 percent to 4.49 yuan. Bank of China dipped 0.4 percent to 2.84 yuan.
The Shanghai Composite Index retreated 1.55 percent to 2,257.38 points. Turnover was 30.9 billion yuan (US$4.9 billion) by the noon break.
HSBC's Flash China Purchasing Managers Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell in June to 48.1, compared with 48.4 in May, HSBC Holdings PLC announced today. A reading of 50 or higher generally indicates activity is expanding.
"Policy makers may step up their efforts to combat the economic slowdown as manufacturing activity keeps contracting in June, though at a slower pace. Weak external demand will continue to weigh on export growth," said Qu Hongbin, chief economist for China at HSBC Holdings Plc.
The new export orders sub-index in June fell to 45.9, the lowest level since March 2009, according to the report.
Coal shares dropped as high inventory dragged down coal prices across the nation. Shanxi Lanhua Sci-Tech Venture Co decreased 4.2 percent to 19.44 yuan. Shanxi Lu'an Environmental Energy Development Co slumped 5 percent to 21.56 yuan. Guizhou Panjiang Refined Coal Co shrank 6.3 percent to 27.33 yuan.
Deposits in China's four biggest state-owned banks dropped by a combined 460 billion yuan during the first two weeks of June even though they raised deposit rates to 3.5 percent, higher than the 3.25 percent benchmark rate, 21st Century Business Herald reported today.
Lenders slumped on the news. Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.3 percent to 3.93 yuan. China Construction Bank Corporation lost 0.9 percent to 4.49 yuan. Bank of China dipped 0.4 percent to 2.84 yuan.
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