Investors seek quick profit after strong run
By Ye Zhen |
January 25, 2013, Friday
|
Print Edition
Print Edition
SHANGHAI stocks dipped yesterday after soaring to an eight-month high on profit-taking despite data showing China's manufacturing may have rebounded to a two-year high in January.
The Shanghai Composite Index lost 0.79 percent to 2,302.60 points after hitting 2,362.94 points intraday, the highest since May 29.
"The index fell on market correction as investors sought quick profit," said Yang Liu, analyst with Qilu Securities.
As of Tuesday, big shareholders and senior executives of listed firms have sold 550 million shares worth 5.5 billion yuan (US$887 million) this month, Wind Information Co said. The figure marked a 46 percent jump from December and was the highest in eight months.
HSBC's Flash China Purchasing Managers' Index, an early indicator of manufacturing activity slanted toward private and export-oriented firms, climbed to 51.9 this month, from 51.5 in December, HSBC Holdings Plc said yesterday. A reading above 50 indicates expanding activities.
"January's PMI made a good start for the year by rising for the fifth straight month to a two-year high," said Qu Hongbin, chief economist for China at HSBC.
Beijing Capital Co, a sewage disposal firm, shed 2.7 percent to 4.40 yuan. Tianjin Capital Environmental Protection Group fell 3 percent to close at 5.32 yuan.
The Shanghai Composite Index lost 0.79 percent to 2,302.60 points after hitting 2,362.94 points intraday, the highest since May 29.
"The index fell on market correction as investors sought quick profit," said Yang Liu, analyst with Qilu Securities.
As of Tuesday, big shareholders and senior executives of listed firms have sold 550 million shares worth 5.5 billion yuan (US$887 million) this month, Wind Information Co said. The figure marked a 46 percent jump from December and was the highest in eight months.
HSBC's Flash China Purchasing Managers' Index, an early indicator of manufacturing activity slanted toward private and export-oriented firms, climbed to 51.9 this month, from 51.5 in December, HSBC Holdings Plc said yesterday. A reading above 50 indicates expanding activities.
"January's PMI made a good start for the year by rising for the fifth straight month to a two-year high," said Qu Hongbin, chief economist for China at HSBC.
Beijing Capital Co, a sewage disposal firm, shed 2.7 percent to 4.40 yuan. Tianjin Capital Environmental Protection Group fell 3 percent to close at 5.32 yuan.
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