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Index falls as hopes for more easing dip
By Ye Zhen |
November 23, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks fell yesterday as hopes for more moderation in policies eased after China's manufacturing sector expanded more quickly.
The Shanghai Composite Index shed 0.72 percent to 2,015.61 points.
The HSBC Flash China Purchasing Managers' Index, the earliest indicator of the nation's manufacturing activity, rose to a 13-month high of 50.4 in November, from October's final reading of 49.5, HSBC Holdings Plc said yesterday.
It's the first time in 13 months the manufacturing PMI vaulted above the 50 mark that marks growth from contraction.
"The figure confirmed that China's real economy has started to rebound thanks to earlier easing measures filtering through and a strong rebound in exports," Goldman Sachs Gao Hua Securities said yesterday. "The government is not likely to loosen measures as fears that China may miss its yearly economic growth target have diminished."
Property stocks fell after the finance ministry said the property tax may go nationwide.
Shanghai Industrial Development Co fell 4.8 percent to 7.13 yuan (US$1.14). Guangzhou Pearl River Industrial Development Co lost 6.1 percent to finish at 9.29 yuan.
The Shanghai Composite Index shed 0.72 percent to 2,015.61 points.
The HSBC Flash China Purchasing Managers' Index, the earliest indicator of the nation's manufacturing activity, rose to a 13-month high of 50.4 in November, from October's final reading of 49.5, HSBC Holdings Plc said yesterday.
It's the first time in 13 months the manufacturing PMI vaulted above the 50 mark that marks growth from contraction.
"The figure confirmed that China's real economy has started to rebound thanks to earlier easing measures filtering through and a strong rebound in exports," Goldman Sachs Gao Hua Securities said yesterday. "The government is not likely to loosen measures as fears that China may miss its yearly economic growth target have diminished."
Property stocks fell after the finance ministry said the property tax may go nationwide.
Shanghai Industrial Development Co fell 4.8 percent to 7.13 yuan (US$1.14). Guangzhou Pearl River Industrial Development Co lost 6.1 percent to finish at 9.29 yuan.
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