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Poor service PMI weigh on Shanghai shares
By Ye Zhen |
July 3, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks declined this morning, dragged down by financials and homebuilders, after data showed China's non-manufacturing activity in June slowed to the lowest level in nine months.
The benchmark Shanghai Composite Index lost 26.58 points, or 1.32 percent, to 1,979.98. Turnover was 41.6 billion (US$6.8 billion) by midday.
China Service Purchasing Managers Index, a gauge of business activity in non-manufacturing sectors, fell in June to a 9-month low of 53.9 percent, down 0.4 percentage points from May, China Federation of Logistics and Purchasing reported today.
A reading of 50 or higher indicates the activity is expanding.
Cai Jin, vice chairman of CFLP, said the decline was due to a slower growth in real estate construction due to seasonal factors.
Data showed demand in the real estate sector remained weak with new orders contracting for a third consecutive month.
Poly Real Estate, China's second-largest developer, dropped 4.2 percent to 9.46 yuan. Gemdale Corp declined 4.2 percent to 6.57 yuan. Guangzhou Pearl River Industrial Development Co slid 5.2 percent to 11.03 yuan.
Lenders also retreated. China Minsheng Banking Corp decreased 2.2 percent to 8.29 yuan. Industrial Bank Co lost 1.5 percent to 9 yuan. China Merchants Bank fell 1.9 percent to 11 yuan.
The benchmark Shanghai Composite Index lost 26.58 points, or 1.32 percent, to 1,979.98. Turnover was 41.6 billion (US$6.8 billion) by midday.
China Service Purchasing Managers Index, a gauge of business activity in non-manufacturing sectors, fell in June to a 9-month low of 53.9 percent, down 0.4 percentage points from May, China Federation of Logistics and Purchasing reported today.
A reading of 50 or higher indicates the activity is expanding.
Cai Jin, vice chairman of CFLP, said the decline was due to a slower growth in real estate construction due to seasonal factors.
Data showed demand in the real estate sector remained weak with new orders contracting for a third consecutive month.
Poly Real Estate, China's second-largest developer, dropped 4.2 percent to 9.46 yuan. Gemdale Corp declined 4.2 percent to 6.57 yuan. Guangzhou Pearl River Industrial Development Co slid 5.2 percent to 11.03 yuan.
Lenders also retreated. China Minsheng Banking Corp decreased 2.2 percent to 8.29 yuan. Industrial Bank Co lost 1.5 percent to 9 yuan. China Merchants Bank fell 1.9 percent to 11 yuan.
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