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Market falls over slower industrial growth
By Lydia Chen |
December 30, 2010, Thursday
|
Online Edition
Online Edition
SHARES in Shanghai snapped a one-day rally and fell in the morning session today as a report showed China's manufacturing growth dropped for the first time in five months in December.
The Shanghai Composite Index was down 0.35 percent, or 9.77 points, to 2,741.76 this morning. Turnover in the thin trading edged up slightly to 39.99 billion yuan(US$) from 39.22 billion yuan yesterday morning.
A purchasing managers' index released today by HSBC Holdings Plc and Markit Economics slowed to 54.4 this month from November's 55.3. The data are seasonally adjusted and a reading above 50 indicates an expansion.
The index is based on a survey of executives at more than 430 companies and gives an indication of activity in the manufacturing sector. A separate official PMI figure will be released on Saturday by China Federation of Logistics and Purchasing.
Today's HSBC report may cement worries that the government's prudent monetary policies, including interest rates hike and higher reserve requirements for lenders, could hurt the growth of the world's second largest economy.
Steel makers paced losses among commodity shares. Baoshan Iron & Steel Co, the country's biggest steelmaker, lost 0.63 percent to 6.28 yuan. Angang Steel Co shed 1.30 percent to 7.57 yuan.
Developers continued to fall over concerns that more tightened policies targeting at assets bubbles will come out.
China Vanke, the largest developer, retreated 2.17 percent to 8.12 yuan. Shanghai Shimao Co plunged 5 percent to 13.29 yuan.
The Shanghai Composite Index was down 0.35 percent, or 9.77 points, to 2,741.76 this morning. Turnover in the thin trading edged up slightly to 39.99 billion yuan(US$) from 39.22 billion yuan yesterday morning.
A purchasing managers' index released today by HSBC Holdings Plc and Markit Economics slowed to 54.4 this month from November's 55.3. The data are seasonally adjusted and a reading above 50 indicates an expansion.
The index is based on a survey of executives at more than 430 companies and gives an indication of activity in the manufacturing sector. A separate official PMI figure will be released on Saturday by China Federation of Logistics and Purchasing.
Today's HSBC report may cement worries that the government's prudent monetary policies, including interest rates hike and higher reserve requirements for lenders, could hurt the growth of the world's second largest economy.
Steel makers paced losses among commodity shares. Baoshan Iron & Steel Co, the country's biggest steelmaker, lost 0.63 percent to 6.28 yuan. Angang Steel Co shed 1.30 percent to 7.57 yuan.
Developers continued to fall over concerns that more tightened policies targeting at assets bubbles will come out.
China Vanke, the largest developer, retreated 2.17 percent to 8.12 yuan. Shanghai Shimao Co plunged 5 percent to 13.29 yuan.
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