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Lower PMI drags stocks down in morning trading
By Ye Zhen |
May 2, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks declined this morning as data showed China's manufacturing activity cooled in April, fuelling concerns that China's economic recovery is losing momentum.
The key Shanghai Composite Index shed 0.21 percent, or 4.57 points, to 2,173.34 points. Turnover was 34.7 billion yuan (US$5.6 billion) by midday.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell to 50.4 in April, HSBC Holdings PLC said today. A reading of 50 or higher indicates the activity is expanding.
The reading stayed in the expansionary territory for a six consecutive month but declined from March's 51.6.
The sub-index for new export orders fell for the first time this year to 48.4 from 50.5 in March, suggesting sluggish demand in the euro zone and the United States may pose threat to China's economic recovery.
A separate report by the China Federation of Logistics and Purchasing yesterday also showed the official manufacturing PMI in state-owned firms fell to 50.6 in April from 50.9 in March.
Coal producers slumped in morning trading. Shanxi Lanhua Sci-Tech Venture Co fell 3.3 percent to 17.12 yuan. Shanxi Lu'an Environmental Energy Development Co lost 1.9 percent to 15.66 yuan. China Shenhua Energy Co, the nation's biggest coal producer, slid 1.5 percent to 20.19 yuan.
Non-ferrous metals producers also retreated. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, decreased 2.9 percent to 26.80 yuan. Xiamen Tungsten Co plunged 5.2 percent to 29.80 yuan. Rising Nonferrous Metals Share Co sank 4.8 percent to 44.54 yuan.
The key Shanghai Composite Index shed 0.21 percent, or 4.57 points, to 2,173.34 points. Turnover was 34.7 billion yuan (US$5.6 billion) by midday.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell to 50.4 in April, HSBC Holdings PLC said today. A reading of 50 or higher indicates the activity is expanding.
The reading stayed in the expansionary territory for a six consecutive month but declined from March's 51.6.
The sub-index for new export orders fell for the first time this year to 48.4 from 50.5 in March, suggesting sluggish demand in the euro zone and the United States may pose threat to China's economic recovery.
A separate report by the China Federation of Logistics and Purchasing yesterday also showed the official manufacturing PMI in state-owned firms fell to 50.6 in April from 50.9 in March.
Coal producers slumped in morning trading. Shanxi Lanhua Sci-Tech Venture Co fell 3.3 percent to 17.12 yuan. Shanxi Lu'an Environmental Energy Development Co lost 1.9 percent to 15.66 yuan. China Shenhua Energy Co, the nation's biggest coal producer, slid 1.5 percent to 20.19 yuan.
Non-ferrous metals producers also retreated. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, decreased 2.9 percent to 26.80 yuan. Xiamen Tungsten Co plunged 5.2 percent to 29.80 yuan. Rising Nonferrous Metals Share Co sank 4.8 percent to 44.54 yuan.
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