PMI data worries send index lower
By Ye Zhen |
April 2, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks inched lower yesterday as doubts over China's economic recovery emerged after data showed China's manufacturing growth missed market expectations.
The Shanghai Composite Index shed 0.1 percent to 2,234.40 points.
China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more toward state-owned firms, rose to 50.9 last month from 50.1 in February, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
The reading missed market hopes of 52 analysts in a Reuters survey but still managed to notch the highest since May 2012 and has stayed above 50 for six months in a row. A reading of 50 or higher indicates expansion.
''The rebound in the official PMI reading is slower than market expectations due to a 2 percentage point drop in the raw material inventories index, indicating enterprises remained cautious over the sustainability of the rise in demand,'' Great Wall Securities said.
A Shenyin & Wanguo Securities report yesterday said the monthly gain in the PMI reading in March was the weakest since 2005, adding to signs that China's economic recovery is fragile.
Distilleries fell on concerns demand for liquors will fall amid a government curb on spending on banquets.
Kweichow Moutai Co, a leading producer of high-end liquor, fell 2.3 percent to 164.95 yuan. Shanxi Xinghuacun Fen Wine Factory Co shed 6.2 percent to 28.16 yuan and Sichuan Tuopai Shede Wine Co tumbled 5.1 percent to close at 19.09 yuan.
The Shanghai Composite Index shed 0.1 percent to 2,234.40 points.
China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more toward state-owned firms, rose to 50.9 last month from 50.1 in February, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
The reading missed market hopes of 52 analysts in a Reuters survey but still managed to notch the highest since May 2012 and has stayed above 50 for six months in a row. A reading of 50 or higher indicates expansion.
''The rebound in the official PMI reading is slower than market expectations due to a 2 percentage point drop in the raw material inventories index, indicating enterprises remained cautious over the sustainability of the rise in demand,'' Great Wall Securities said.
A Shenyin & Wanguo Securities report yesterday said the monthly gain in the PMI reading in March was the weakest since 2005, adding to signs that China's economic recovery is fragile.
Distilleries fell on concerns demand for liquors will fall amid a government curb on spending on banquets.
Kweichow Moutai Co, a leading producer of high-end liquor, fell 2.3 percent to 164.95 yuan. Shanxi Xinghuacun Fen Wine Factory Co shed 6.2 percent to 28.16 yuan and Sichuan Tuopai Shede Wine Co tumbled 5.1 percent to close at 19.09 yuan.
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