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Shanghai Composite down 2.14% in morning trading
SHANGHAI stocks tumbled this morning after data indicated that China's manufacturing sector may expand at a slower pace in April.
The benchmark Shanghai Composite Index fell 2.14 percent, or 48.05 points, to 2,194.12 points. Turnover was 49.7 billion yuan (US$8 billion) by the noon break.
HSBC Flash China Purchasing Managers' Index, the earliest indicator of China's economic condition, dropped in April to 50.5, compared with March's final PMI of 51.6, HSBC Holdings PLC announced today.
The index is a gauge of manufacturing activity slanted more towards private and export-oriented firms. A reading of 50 or above means the activity is expanding.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, sank 6.5 percent to 17.98 yuan. Huaxin Cement Co skid 6.1 percent to 15.10 yuan. Gansu Qilianshan Cement Group Co lost 4.8 percent to 11.09 yuan.
Lenders slumped among financial stocks amid concerns over first-quarter earnings. Industrial Bank fell 1.6 percent to 18.27 yuan. China Minsheng Banking Corp lost 3.9 percent to 9.84 yuan. China Merchants Bank shed 3.7 percent to 12.12 yuan.
China Life Insurance, the country's biggest insurer, declined 1.2 percent to 17.02 yuan. Ping An Insurance Co, China's second-largest insurer, dropped 4.2 percent to 40.19 yuan. China Pacific Insurance (Group) Co lost 1.2 percent to 17.02 yuan.
The benchmark Shanghai Composite Index fell 2.14 percent, or 48.05 points, to 2,194.12 points. Turnover was 49.7 billion yuan (US$8 billion) by the noon break.
HSBC Flash China Purchasing Managers' Index, the earliest indicator of China's economic condition, dropped in April to 50.5, compared with March's final PMI of 51.6, HSBC Holdings PLC announced today.
The index is a gauge of manufacturing activity slanted more towards private and export-oriented firms. A reading of 50 or above means the activity is expanding.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, sank 6.5 percent to 17.98 yuan. Huaxin Cement Co skid 6.1 percent to 15.10 yuan. Gansu Qilianshan Cement Group Co lost 4.8 percent to 11.09 yuan.
Lenders slumped among financial stocks amid concerns over first-quarter earnings. Industrial Bank fell 1.6 percent to 18.27 yuan. China Minsheng Banking Corp lost 3.9 percent to 9.84 yuan. China Merchants Bank shed 3.7 percent to 12.12 yuan.
China Life Insurance, the country's biggest insurer, declined 1.2 percent to 17.02 yuan. Ping An Insurance Co, China's second-largest insurer, dropped 4.2 percent to 40.19 yuan. China Pacific Insurance (Group) Co lost 1.2 percent to 17.02 yuan.
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