Index sets bearish tone for the week
By Lu Nengneng |
April 24, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday set a bearish tone for this week as it ended lower as a preliminary manufacturing report signaled a sixth month of contraction.
The Shanghai Composite Index shed 0.76 percent to 2,388.59 points.
The flash Purchasing Managers' Index, released by HSBC and Markit Economics yesterday, rose to 49.1 in April from 48.3 in March. However, it is the sixth straight month the figure has been below 50, signaling a cut in industrial activities.
Banks, hoping for another reserve requirement ratio cut this month, fell on liquidity concerns. The Industrial and Commercial Bank of China fell 0.7 percent to 4.39 yuan (69 US cents). The Bank of Communications lost 0.4 percent to 4.83 yuan.
Analysts estimated an average increase of 19 percent in net income among lenders in the first quarter, slower than in the same period of last year.
The Shanghai Composite Index shed 0.76 percent to 2,388.59 points.
The flash Purchasing Managers' Index, released by HSBC and Markit Economics yesterday, rose to 49.1 in April from 48.3 in March. However, it is the sixth straight month the figure has been below 50, signaling a cut in industrial activities.
Banks, hoping for another reserve requirement ratio cut this month, fell on liquidity concerns. The Industrial and Commercial Bank of China fell 0.7 percent to 4.39 yuan (69 US cents). The Bank of Communications lost 0.4 percent to 4.83 yuan.
Analysts estimated an average increase of 19 percent in net income among lenders in the first quarter, slower than in the same period of last year.
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