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Shanghai index dips as service PMI falls to 10-month low
By Ye Zhen |
July 4, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI shares ended slightly lower today after data showed the nation's non-manufacturing sector grew at the slowest pace in 10 months in June.
The key Shanghai Composite Index edged down 0.08 percent, or 1.88 points to settle at 2,227.32 points. Turnover was 52.4 billion yuan (US$8.3 billion).
HSBC China Service Purchasing Managers Index (PMI), a gauge of non-manufacturing activity slanted more to private and export-oriented firms, fell in June to a 10-month low of 52.3 from 54.7 in May, HSBC Holding Plc and Markit Economics said today.
A PMI reading above 50 indicates expansion while a reading below 50 means contraction.
"The growth monument in the service sector moderated in June as new orders increased marginally," said Qu Hongbin, chief economist for China at HSBC Holdings Plc. "The manufacturing sector continued to slow down, adding pressure to the labor market."
Pharmaceutical companies led the market down. Beijing Tongrentang Co, a Chinese medicine producer, fell 2.1 percent to 16.98 yuan. China Resources Double-Crane Pharmaceutical Co slumped 9 percent to close at 17.61 yuan.
Coal and non-ferrous metals producers posted a strong performance after the commodity prices surged on speculations the central banks across the world will step up stimulus measures.
Shanxi Lanhua Sci-Tech Venture Co gained 3.1 percent to 18.57 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 1.3 percent to 22.39 yuan. Shanxi Lu'an Environmental Energy Development Co added 1.8 percent to 21.17 yuan.
Inner Mongolia Baotou Steel Rare-earth Hi-tech Co edged up 0.8 percent to 40.65 yuan. Zijin Mining Group Co, China's largest gold producer, rose 0.5 percent to 3.91 yuan. Jiangxi Copper, China's biggest copper producer, gained 0.9 percent to close at 24.07 yuan.
The key Shanghai Composite Index edged down 0.08 percent, or 1.88 points to settle at 2,227.32 points. Turnover was 52.4 billion yuan (US$8.3 billion).
HSBC China Service Purchasing Managers Index (PMI), a gauge of non-manufacturing activity slanted more to private and export-oriented firms, fell in June to a 10-month low of 52.3 from 54.7 in May, HSBC Holding Plc and Markit Economics said today.
A PMI reading above 50 indicates expansion while a reading below 50 means contraction.
"The growth monument in the service sector moderated in June as new orders increased marginally," said Qu Hongbin, chief economist for China at HSBC Holdings Plc. "The manufacturing sector continued to slow down, adding pressure to the labor market."
Pharmaceutical companies led the market down. Beijing Tongrentang Co, a Chinese medicine producer, fell 2.1 percent to 16.98 yuan. China Resources Double-Crane Pharmaceutical Co slumped 9 percent to close at 17.61 yuan.
Coal and non-ferrous metals producers posted a strong performance after the commodity prices surged on speculations the central banks across the world will step up stimulus measures.
Shanxi Lanhua Sci-Tech Venture Co gained 3.1 percent to 18.57 yuan. China Shenhua Energy Co, the nation's largest coal producer, rose 1.3 percent to 22.39 yuan. Shanxi Lu'an Environmental Energy Development Co added 1.8 percent to 21.17 yuan.
Inner Mongolia Baotou Steel Rare-earth Hi-tech Co edged up 0.8 percent to 40.65 yuan. Zijin Mining Group Co, China's largest gold producer, rose 0.5 percent to 3.91 yuan. Jiangxi Copper, China's biggest copper producer, gained 0.9 percent to close at 24.07 yuan.
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