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Liquidity concern drags down Shanghai stocks
By Ye Zhen |
December 3, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks traded lower this morning amid uncertainty over market liquidity even though November's data showed China's manufacturing sector was recovering.
The key Shanghai Composite Index shed 0.28 percent, or 5.50 points, to 1,974.62 points. Turnover stood at 21.4 billion yuan (US$3.5 billion) by midday.
"Liquidity pressure is the main factor that affects the market now, while an improving economy may help slow the market fall," Galaxy Securities said in a report today.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity that is slanted more towards private and export-oriented firms, climbed in November to a 13-month high of 50.5, compared with the final reading of 49.5 in October, HSBC Holdings PLC announced today.
A reading of 50 or higher indicates the activity is expanding.
Distilleries were the biggest losers this morning. Kweichow Moutai Co, a leading producer of high-end liquor in China, slumped 5.3 percent to 204.65 yuan. Sichuan Tuopai Shede Wine Co plunged 7.3 percent to 20.38 yuan. Shanxi Xinghuacun Fen Wine Factory Co declined 4.5 percent to 34.65 yuan. Sichuan Swellfun Co fell 4.5 percent to 17.04 yuan.
The market fall was slowed by a surge among property developers. China Vanke, the nation's biggest developer, rose 2.1 percent to 8.93 yuan. Poly Real Estate, the second largest developer, advanced 3.5 percent to 11.87 yuan. Gemdale Corporation jumped 4.2 percent to 5.51 yuan.
The key Shanghai Composite Index shed 0.28 percent, or 5.50 points, to 1,974.62 points. Turnover stood at 21.4 billion yuan (US$3.5 billion) by midday.
"Liquidity pressure is the main factor that affects the market now, while an improving economy may help slow the market fall," Galaxy Securities said in a report today.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity that is slanted more towards private and export-oriented firms, climbed in November to a 13-month high of 50.5, compared with the final reading of 49.5 in October, HSBC Holdings PLC announced today.
A reading of 50 or higher indicates the activity is expanding.
Distilleries were the biggest losers this morning. Kweichow Moutai Co, a leading producer of high-end liquor in China, slumped 5.3 percent to 204.65 yuan. Sichuan Tuopai Shede Wine Co plunged 7.3 percent to 20.38 yuan. Shanxi Xinghuacun Fen Wine Factory Co declined 4.5 percent to 34.65 yuan. Sichuan Swellfun Co fell 4.5 percent to 17.04 yuan.
The market fall was slowed by a surge among property developers. China Vanke, the nation's biggest developer, rose 2.1 percent to 8.93 yuan. Poly Real Estate, the second largest developer, advanced 3.5 percent to 11.87 yuan. Gemdale Corporation jumped 4.2 percent to 5.51 yuan.
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