Index falls as nervous investors await PMI
By Ye Zhen |
October 24, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks fell yesterday as investors were still nervous about China's economy ahead of the release of a report on the country's manufacturing sector.
The Shanghai Composite Index lost 0.86 percent to close at 2,114.45 points.
The HSBC Flash Purchasing Managers Index is due for release today. GF Securities said investors were still uncertain whether the recent improvement in the economy would continue and were looking to the PMI reading for October to shed some light on the state of China's economy.
Sentiment was also dampened by the Ministry of Finance saying on Monday the country's tax revenues rose 8.6 percent annually to 7.74 trillion yuan (US$1.24 trillion) in the first nine months, 18.8 percentage points down from a year ago.
Distilleries fell after investors took profits following their recent surge on strong earnings.
Kweichow Moutai Co, a leading producer of the liquor in China, lost 2.3 percent to 244.70 yuan. Shanxi Xinghuacun Fen Wine Factory Co fell 3.6 percent to 43.48 yuan and Sichuan Tuopai Shede Wine Co shed 3.7 percent to 32.64 yuan.
The Shanghai Composite Index lost 0.86 percent to close at 2,114.45 points.
The HSBC Flash Purchasing Managers Index is due for release today. GF Securities said investors were still uncertain whether the recent improvement in the economy would continue and were looking to the PMI reading for October to shed some light on the state of China's economy.
Sentiment was also dampened by the Ministry of Finance saying on Monday the country's tax revenues rose 8.6 percent annually to 7.74 trillion yuan (US$1.24 trillion) in the first nine months, 18.8 percentage points down from a year ago.
Distilleries fell after investors took profits following their recent surge on strong earnings.
Kweichow Moutai Co, a leading producer of the liquor in China, lost 2.3 percent to 244.70 yuan. Shanxi Xinghuacun Fen Wine Factory Co fell 3.6 percent to 43.48 yuan and Sichuan Tuopai Shede Wine Co shed 3.7 percent to 32.64 yuan.
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