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Index falls to lowest since 2009
By Ye Zhen |
September 6, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks dipped yesterday after data showed China's service sector grew in August at the slowest pace in one year.
The Shanghai Composite Index lost 0.29 percent to close at 2,037.68 points, the lowest since February 2009.
The HSBC China Service Purchasing Managers Index, a gauge of non-manufacturing activities in the private and export-oriented sectors, fell to 52 last month from 53.1 in July. A reading above 50 indicates business expansion.
"The service PMI for August fell to the lowest in one year due to slower new orders coming in," said Qu Hongbin, HSBC's chief economist for China. "Along with a nine-month low in new orders in manufacturing, it hints China's economy is facing a downside risk."
Bank stocks fell on a pessimistic profit outlook due to liberalization and cuts in interest rates, UBS Securities said, adding that a rebound in their prices will be limited.
China Minsheng Banking Corp lost 3.7 percent to 5.47 yuan (87 US cents) after Credit Suisse downgraded its rating and cut the bank's target price by 30 percent. China Merchants Bank slid 1.3 percent to 9.71 yuan, and Shanghai Pudong Development Bank fell 1.9 percent to 7.32 yuan.
Coal companies also fell on slowing domestic demand in the second half of this year. China Shenhua Energy, the nation's biggest coal producer, shed 1.9 percent to 21.04 yuan.
The Shanghai Composite Index lost 0.29 percent to close at 2,037.68 points, the lowest since February 2009.
The HSBC China Service Purchasing Managers Index, a gauge of non-manufacturing activities in the private and export-oriented sectors, fell to 52 last month from 53.1 in July. A reading above 50 indicates business expansion.
"The service PMI for August fell to the lowest in one year due to slower new orders coming in," said Qu Hongbin, HSBC's chief economist for China. "Along with a nine-month low in new orders in manufacturing, it hints China's economy is facing a downside risk."
Bank stocks fell on a pessimistic profit outlook due to liberalization and cuts in interest rates, UBS Securities said, adding that a rebound in their prices will be limited.
China Minsheng Banking Corp lost 3.7 percent to 5.47 yuan (87 US cents) after Credit Suisse downgraded its rating and cut the bank's target price by 30 percent. China Merchants Bank slid 1.3 percent to 9.71 yuan, and Shanghai Pudong Development Bank fell 1.9 percent to 7.32 yuan.
Coal companies also fell on slowing domestic demand in the second half of this year. China Shenhua Energy, the nation's biggest coal producer, shed 1.9 percent to 21.04 yuan.
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