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Shanghai index declines due to profit taking
By Ye Zhen |
February 5, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks were dragged down by a bout of profit taking although data showed China's non-manufacturing activity grew at the fastest pace in four months in January.
The key Shanghai Composite Index lost 0.42 percent to 2,417.93 points by midday with a turnover of 66.4 billion yuan (US$10.7 billion).
"Downward corrections among lenders that have gained a lot sent the market lower," said Changjiang Securities. "It is rational for some investors to cash in profits ahead of the Spring Festival holiday."
Non-tradable shares worth of 12.3 billion yuan were sold in January after they were allowed to circulate on the Shanghai and Shenzhen bourses, 48.4 percent more than a month earlier and the biggest amount since December 2010, according to the Southwest Securities.
HSBC China Service Purchasing Managers' Index (PMI), a gauge of non-manufacturing activity at private and export-oriented firms, rose to a four-month high of 54 in January, HSBC Holdings Plc reported today.
A reading above 50 indicates the activity is expanding.
"China's economic recovery is on a firmer footing," said Qu Hongbin, chief economist for China at HSBC. "Solid job gains and higher business expectations bode well for further improvement in the services sector."
ICBC, the nation's largest lender, lost 1.1 percent to 4.42 yuan. China Construction Bank Corporation slipped 1.2 percent to 5.02 yuan. Shanghai Pudong Development Bank Co fell 2 percent to 11.84 yuan.
The key Shanghai Composite Index lost 0.42 percent to 2,417.93 points by midday with a turnover of 66.4 billion yuan (US$10.7 billion).
"Downward corrections among lenders that have gained a lot sent the market lower," said Changjiang Securities. "It is rational for some investors to cash in profits ahead of the Spring Festival holiday."
Non-tradable shares worth of 12.3 billion yuan were sold in January after they were allowed to circulate on the Shanghai and Shenzhen bourses, 48.4 percent more than a month earlier and the biggest amount since December 2010, according to the Southwest Securities.
HSBC China Service Purchasing Managers' Index (PMI), a gauge of non-manufacturing activity at private and export-oriented firms, rose to a four-month high of 54 in January, HSBC Holdings Plc reported today.
A reading above 50 indicates the activity is expanding.
"China's economic recovery is on a firmer footing," said Qu Hongbin, chief economist for China at HSBC. "Solid job gains and higher business expectations bode well for further improvement in the services sector."
ICBC, the nation's largest lender, lost 1.1 percent to 4.42 yuan. China Construction Bank Corporation slipped 1.2 percent to 5.02 yuan. Shanghai Pudong Development Bank Co fell 2 percent to 11.84 yuan.
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