PMI's fall makes no impact on index
By Lydia Chen |
November 2, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks ended generally flat yesterday after a key manufacturing index fell to the lowest level in nearly three years.
The Shanghai Composite Index inched up less than 0.1 percent to 2,470.02 points.
Manufacturing counters declined after China's Purchasing Managers' Index fell to 50.4 in October, the lowest level since February 2009, from 51.2 in September, the China Federation of Logistics and Purchasing said in a statement yesterday.
Xinjiang Ba Yi Iron and Steel Co dropped 1.8 percent to 10.03 yuan (US$1.58), and Minmetals Development Corp lost 1.5 percent to 23.79 yuan.
A reading above 50 indicates expansion. The index, an indicator of manufacturing sector's economic health, is expected to slow further in the fourth quarter on an estimated slowdown in exports.
However, Wang Hanfeng, an analyst at Beijing Gao Hua Securities Co, said a rebound of the A-share market is irreversible.
Although the growth of the world's second-largest economy may slow next year, China is likely to ease its monetary tightening when inflation starts to fall, Wang said.
Insurers and automakers gained. China Pacific Insurance Group rose 3.8 percent to end at 20.35 yuan. Beiqi Foton Motor Co gained 5 percent to 7.95 yuan.
Real estate developers also fell after a report by SouFun, which owns the country's largest real estate website, said home prices fell by a bigger margin in October.
Poly Real Estate Co, the country's second-largest developer by market value, shed 3.5 percent to 9.95 yuan.
The Shanghai Composite Index inched up less than 0.1 percent to 2,470.02 points.
Manufacturing counters declined after China's Purchasing Managers' Index fell to 50.4 in October, the lowest level since February 2009, from 51.2 in September, the China Federation of Logistics and Purchasing said in a statement yesterday.
Xinjiang Ba Yi Iron and Steel Co dropped 1.8 percent to 10.03 yuan (US$1.58), and Minmetals Development Corp lost 1.5 percent to 23.79 yuan.
A reading above 50 indicates expansion. The index, an indicator of manufacturing sector's economic health, is expected to slow further in the fourth quarter on an estimated slowdown in exports.
However, Wang Hanfeng, an analyst at Beijing Gao Hua Securities Co, said a rebound of the A-share market is irreversible.
Although the growth of the world's second-largest economy may slow next year, China is likely to ease its monetary tightening when inflation starts to fall, Wang said.
Insurers and automakers gained. China Pacific Insurance Group rose 3.8 percent to end at 20.35 yuan. Beiqi Foton Motor Co gained 5 percent to 7.95 yuan.
Real estate developers also fell after a report by SouFun, which owns the country's largest real estate website, said home prices fell by a bigger margin in October.
Poly Real Estate Co, the country's second-largest developer by market value, shed 3.5 percent to 9.95 yuan.
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