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Market losing streak enters 6th day
By Lydia Chen |
November 23, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell for the six trading day today, dragging its benchmark index into the longest losing streak in six months, after data suggested China's manufacturing activities have weakened sharply in November.
The Shanghai Composite Index lost 0.73 percent to 2,395.07. Turnover fell slightly to 50 billion yuan (US$7.87 billion) from yesterday's 50.7 billion yuan.
Materials- and finance-related stocks were among the biggest losers after preliminary data for the HSBC Purchasing Managers Index showed the country's manufacturing sector had contracted in November on reductions in both domestic and external demand.
Haitong Securities tumbled 5.18 percent to 8.23 yuan. Ping An Insurance, the country's largest insurer, lost 2.04 percent to 35.60 yuan.
Huaxin Cement shed 3.39 percent to 16.25 yuan. Xinjiang Ba Yi Iron & Steel Co was down 3.07 percent to 9.16 yuan.
The HSBC Flash PMI, the earliest available indicator of the industrial sector's operating conditions, dropped to a 32-month low of 48 this month, down from the final reading of 51 in October.
The SCI has fallen 15.23 percent so far this year, exceeding last year's 14.3 percent plunge amid tightening measures taken by the government who has raised interest rates three times and lifted the reserve requirement ratio to a three-year high to fight inflation.
Despite the disappointing performance, China International Capital Corp and Shenyin Wanguo Securities both said the markets might recover in 2012.
The Shanghai index may climb to 3,000 points in the second quarter next year, according to the Shanghai-based Shenyin Wanguo. CICC, China's leading investment bank, cautioned that fluctuations might persist in the first quarter, along with concerns over Europe's sovereign debt crisis.
The Shanghai Composite Index lost 0.73 percent to 2,395.07. Turnover fell slightly to 50 billion yuan (US$7.87 billion) from yesterday's 50.7 billion yuan.
Materials- and finance-related stocks were among the biggest losers after preliminary data for the HSBC Purchasing Managers Index showed the country's manufacturing sector had contracted in November on reductions in both domestic and external demand.
Haitong Securities tumbled 5.18 percent to 8.23 yuan. Ping An Insurance, the country's largest insurer, lost 2.04 percent to 35.60 yuan.
Huaxin Cement shed 3.39 percent to 16.25 yuan. Xinjiang Ba Yi Iron & Steel Co was down 3.07 percent to 9.16 yuan.
The HSBC Flash PMI, the earliest available indicator of the industrial sector's operating conditions, dropped to a 32-month low of 48 this month, down from the final reading of 51 in October.
The SCI has fallen 15.23 percent so far this year, exceeding last year's 14.3 percent plunge amid tightening measures taken by the government who has raised interest rates three times and lifted the reserve requirement ratio to a three-year high to fight inflation.
Despite the disappointing performance, China International Capital Corp and Shenyin Wanguo Securities both said the markets might recover in 2012.
The Shanghai index may climb to 3,000 points in the second quarter next year, according to the Shanghai-based Shenyin Wanguo. CICC, China's leading investment bank, cautioned that fluctuations might persist in the first quarter, along with concerns over Europe's sovereign debt crisis.
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