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Shanghai Composite dips 0.18% as coal stocks drop
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SHANGHAI stocks ended lower today, dragged down by coal producers, even though data showed China’s manufacturing activity may have picked up to a five-month high.
The key Shanghai Composite Index shed 0.18 percent, or 3.67 points, to 2,021.29. Turnover was 59.5 billion yuan (US$9.5 billion) for the day.
The market advanced in the morning as data showed a recovery in China’s industrial sector. The HSBC Flash China Manufacturing Purchasing Managers’ Index rose to 49.7 in May from April’s final reading of 48.1, HSBC Holdings PLC said today.
The reading is the highest in five months but still below the 50 mark that separates expansion from contraction.
“The data is better than expected and good for the market, but a weak trading volume indicates investor confidence is still low,” said Galaxy Securities.
Coal miners declined the most after surging yesterday.
“The rebound in coal stocks was unsustainable because the sector is struggling with oversupply,” said Wang Shi of Northeast Securities.
China is trying to reduce the consumption of coal and increase the use of cleaner fuels to fight air pollution. There is concern that the massive natural gas deal China and Russia signed yesterday will further lower the demand for coal.
Datong Coal Industry lost 1.3 percent to 6.12 yuan today. Guizhou Panjiang Refined Coal slipped 2 percent to 7.23 yuan.
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