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Investors shun positive PMI data
Print Edition
Shanghai shares ended flat yesterday as investors ignored data reflecting stronger manufacturing activities in China.
The Shanghai Composite Index edged up 0.07 point to end at 2,098.45 points.
Investors brushed off the rise in the HSBC Purchasing Managers’ Index, a comprehensive gauge of operating conditions at mostly private and export-oriented manufacturers. The index rose to 50.1 in August from 47.7 in July.
This followed the official PMI which gained to 51 last month from 50.3 in July and 50.1 in June. A reading above 50 for both indices means expansion.
“The Chinese economy will rebound in the third quarter’’ as the outlook in the investment and export sectors is expected to be bright, said CITIC Securities Co.
Meanwhile the brokerage estimated China’s gross domestic product to grow 7.6 percent in the third quarter, up from 7.5 percent in the second quarter. The brokerage said the gains in both prices and purchasing volume of raw materials for production signal a recovery in total demand.
But investors were also worried about a glut of shares whose lock-up periods have expired. Data showed the shares of 15 listed companies, worth a total market value of 29.4 billion yuan, will start trading on both the Shanghai and Shenzhen markets this week, leading Industrial Securities to warn that “downward risks will persist.”
Everbright Securities Co, fined a record 523.3 million yuan for insider trading on Friday before being suspended from trading, plunged 10 percent to 9.06 yuan soon after it resumed trading yesterday.
Kweichow Moutai Co, the nation’s biggest liquor maker by market value, slumped 9.4 percent to 152.94 yuan on central government curbs on extravagant spending.
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