Index falls most in over 3 weeks on PMI decline
By Ye Zhen |
April 24, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday sank the most in more than three weeks after indications that China's manufacturing sector may expand at a slower pace in April.
The Shanghai Composite Index slumped 2.57 percent, the biggest daily loss since March 28, to 2,184.54 points.
The HSBC Flash China Purchasing Managers' Index, the earliest indicator of China's economic condition, fell to 50.5 in April, compared with March's final reading of 51.6, HSBC Holdings Plc said yesterday.
The PMI is a gauge of manufacturing activity slanted more toward private and export-oriented firms. A reading of 50 or above means expansion.
"The decline in PMI figure toward the negative territory fueled concerns over the sustainability of China's economic recovery and the prospects of listed companies," said Liu Kan, chief analyst at Guoyuan Securities.
Yi Wenbin, an analyst at Huatai Securities, said the central bank's continuing liquidity withdrawal also weighed on the market.
The People's Bank of China yesterday withdrew 10 billion yuan (US$1.6 billion) via 28-day repurchase agreements - its 10th straight week it has removed money via open market operations. That brought the total net withdrawal to 1.2 trillion yuan since the PBOC restarted repo operations on February 19, the Securities Times reported.
Brokers fell after the gross net profit of 15 listed securities firms shed 36.4 percent annually to 15.3 billion yuan.
CITIC Securities, China's biggest listed broker, shed 4.9 percent to 12.16 yuan. Founder Securities Co fell 6.2 percent to end at 6.85 yuan.
The Shanghai Composite Index slumped 2.57 percent, the biggest daily loss since March 28, to 2,184.54 points.
The HSBC Flash China Purchasing Managers' Index, the earliest indicator of China's economic condition, fell to 50.5 in April, compared with March's final reading of 51.6, HSBC Holdings Plc said yesterday.
The PMI is a gauge of manufacturing activity slanted more toward private and export-oriented firms. A reading of 50 or above means expansion.
"The decline in PMI figure toward the negative territory fueled concerns over the sustainability of China's economic recovery and the prospects of listed companies," said Liu Kan, chief analyst at Guoyuan Securities.
Yi Wenbin, an analyst at Huatai Securities, said the central bank's continuing liquidity withdrawal also weighed on the market.
The People's Bank of China yesterday withdrew 10 billion yuan (US$1.6 billion) via 28-day repurchase agreements - its 10th straight week it has removed money via open market operations. That brought the total net withdrawal to 1.2 trillion yuan since the PBOC restarted repo operations on February 19, the Securities Times reported.
Brokers fell after the gross net profit of 15 listed securities firms shed 36.4 percent annually to 15.3 billion yuan.
CITIC Securities, China's biggest listed broker, shed 4.9 percent to 12.16 yuan. Founder Securities Co fell 6.2 percent to end at 6.85 yuan.
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