Macau Decline in 2 PMIs dents investor confidence
Print Edition
Shanghai stocks yesterday dipped on the first trading day of the year after concerns were fueled about China’s manufacturing activity losing momentum in December.
The Shanghai Composite Index shed 0.3 percent, or 6.59 points, to close at 2,109.39.
“The market was restrained after latest data showed a downturn in the economy while a still tight liquidity condition also weighed on the index,” Shenyin and Wanguo Securities said yesterday.
HSBC’s China Purchasing Managers’ Index, a gauge of manufacturing activity slanted toward private and export-oriented firms, fell to a three-month low of 50.5 last month, down from 50.8 in November, HSBC Holdings PLC said yesterday. A reading of 50 or higher signals expanding activity.
“The figure is consistent with our view that the third-quarter marked the peak of the latest round of economic recovery and the industrial activity eased toward the year-end,” said Zhu Haibin, chief economist for China at JPMorgan.
The decline echoed a drop in China’s official Purchasing Managers’ Index, which slipped to 51 in December — the lowest since August — from 51.4 in November, the National Bureau of Statistics said on Wednesday. This is the first moderation since June.
JPMorgan expects China’s economic growth to ease to 7.4 percent this year from 7.6 percent last year.
Shanxi Lu’an Environmental Energy Development Co lost 2.5 percent to 10.40 yuan (US$1.72) while China Shenhua Energy Co shed 1.2 percent to 15.63 yuan and Yang Quan Coal Industry (Group) Co slid 2.3 percent to 6.90 yuan.
CITIC Securities, China’s biggest brokerage, shed 1.3 percent to 12.59 yuan, and Southwest Securities Co declined 1.8 percent to close at 9.75 yuan.
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